Great Wealth Transfer: Equitable Study Shows Trust Is the Top Factor When Choosing a Financial Professional
Equitable, a leading financial services organization (NYSE: EQH), has released a new study titled 'How to Plan for the Great Wealth Transfer'. The study, based on a survey of 500 retail investors, aims to help financial professionals understand the characteristics and goals of those benefiting from the great wealth transfer in the U.S.
Key findings include:
- By 2030, over $30 trillion in assets are expected to change hands
- 57% of millennial respondents expect to inherit $1 million or more
- Surviving spouses, predominantly pre-retiree women, will control most transferred assets
- 80% of respondents plan to use a financial professional to manage their new wealth
- Trust is the top factor when selecting a financial professional
- 70% of women and 80% of millennials would consider annuities if recommended by their financial professional
The study emphasizes the importance of financial professionals focusing on women's needs, engaging with millennials, and building trust to become the advisor of choice during this wealth transfer.
Equitable, una delle principali organizzazioni di servizi finanziari (NYSE: EQH), ha pubblicato un nuovo studio intitolato 'Come pianificare il Grande Trasferimento di Ricchezza'. Lo studio, basato su un sondaggio di 500 investitori al dettaglio, mira ad aiutare i professionisti finanziari a comprendere le caratteristiche e gli obiettivi di coloro che beneficiano del grande trasferimento di ricchezza negli Stati Uniti.
I risultati principali includono:
- Entro il 2030, oltre 30 trilioni di dollari in attivi sono destinati a cambiare di mano
- Il 57% dei rispondenti millennials si aspetta di ereditare 1 milione di dollari o più
- I coniugi superstiti, prevalentemente donne in prossimità della pensione, controlleranno la maggior parte degli attivi trasferiti
- Il 80% dei rispondenti prevede di utilizzare un professionista finanziario per gestire la propria nuova ricchezza
- La fiducia è il fattore principale nella scelta di un professionista finanziario
- Il 70% delle donne e l'80% dei millennials prenderebbero in considerazione le rendite se raccomandate dal loro professionista finanziario
Lo studio sottolinea l'importanza per i professionisti finanziari di concentrarsi sulle esigenze delle donne, di interagire con i millennials e di costruire fiducia per diventare il professionista di riferimento durante questo trasferimento di ricchezza.
Equitable, una de las principales organizaciones de servicios financieros (NYSE: EQH), ha publicado un nuevo estudio titulado 'Cómo Planificar el Gran Traslado de Riqueza'. El estudio, basado en una encuesta a 500 inversores minoristas, tiene como objetivo ayudar a los profesionales financieros a comprender las características y objetivos de aquellos que se benefician del gran traslado de riqueza en los EE. UU.
Los hallazgos clave incluyen:
- Para el 2030, se espera que más de 30 billones de dólares en activos cambien de manos
- El 57% de los encuestados millennials espera heredar 1 millón de dólares o más
- Los cónyuges supervivientes, predominantemente mujeres en la pre-jubilación, controlarán la mayor parte de los activos transferidos
- El 80% de los encuestados planea usar un profesional financiero para gestionar su nueva riqueza
- La confianza es el principal factor al seleccionar un profesional financiero
- El 70% de las mujeres y el 80% de los millennials considerarían las anualidades si son recomendadas por su profesional financiero
El estudio enfatiza la importancia de que los profesionales financieros se centren en las necesidades de las mujeres, se involucren con los millennials y construyan confianza para convertirse en el asesor preferido durante este traslado de riqueza.
Equitable은 (NYSE: EQH) 미국의 주요 금융 서비스 기관으로, '위대한 부의 이전을 위한 계획 방법'이라는 제목의 새로운 연구를 발표했습니다. 이 연구는 500명의 소매 투자자를 대상으로 한 설문조사를 바탕으로 하여, 금융 전문가들이 미국에서 부의 이전을 통해 혜택을 받는 사람들의 특성과 목표를 이해하도록 돕기 위한 것입니다.
주요 발견사항은 다음과 같습니다:
- 2030년까지 30조 달러 이상의 자산이 이전될 것으로 예상됩니다
- 밀레니얼 응답자의 57%는 100만 달러 이상의 상속을 받을 것으로 기대하고 있습니다
- 생존 배우자, 주로 은퇴를 앞둔 여성들이 대부분의 이전 자산을 통제할 것입니다
- 응답자의 80%는 새로운 재산을 관리하기 위해 금융 전문가를 이용할 계획입니다
- 금융 전문가를 선택할 때 신뢰가 가장 중요하다고 합니다
- 여성의 70%와 밀레니얼의 80%는 금융 전문가가 추천하는 경우 연금을 고려할 것입니다
이 연구는 재정 전문가들이 여성의 필요에 집중하고, 밀레니얼 세대와 소통하며, 신뢰를 구축하여 이 부의 이전 과정에서 선택받는 상담사가 될 수 있도록 하는 것이 중요함을 강조합니다.
Equitable, une organisation de services financiers de premier plan (NYSE : EQH), a publié une nouvelle étude intitulée 'Comment planifier le grand transfert de richesse'. L'étude, basée sur une enquête auprès de 500 investisseurs de détail, a pour but d'aider les professionnels de la finance à comprendre les caractéristiques et les objectifs de ceux qui bénéficient du grand transfert de richesse aux États-Unis.
Les résultats clés incluent :
- Avant 2030, plus de 30 trillions de dollars d'actifs devraient changer de propriétaire
- 57 % des millennials interrogés s'attendent à hériter d'un million de dollars ou plus
- Les conjoints survivants, principalement des femmes en pré-retraite, contrôleront la majorité des actifs transférés
- 80 % des répondants envisagent d'utiliser un professionnel financier pour gérer leur nouvelle richesse
- La confiance est le principal critère lors du choix d'un professionnel financier
- 70 % des femmes et 80 % des millennials envisageraient des rentes si elles étaient recommandées par leur conseiller financier
L'étude souligne l'importance pour les professionnels de la finance de se concentrer sur les besoins des femmes, d'engager les millennials et de bâtir la confiance afin de devenir le conseiller privilégié lors de ce transfert de richesse.
Equitable, eine führende Finanzdienstleistungsorganisation (NYSE: EQH), hat eine neue Studie mit dem Titel 'Wie man für den großen Vermögenstransfer plant' veröffentlicht. Die Studie, die auf einer Umfrage von 500 Einzelhandelsanlegern basiert, zielt darauf ab, Finanzprofis zu helfen, die Merkmale und Ziele derjenigen zu verstehen, die vom großen Vermögenstransfer in den USA profitieren.
Wichtige Erkenntnisse umfassen:
- Bis 2030 wird erwartet, dass über 30 Billionen Dollar an Vermögen den Besitzer wechseln
- 57 % der befragten Millennials erwarten, 1 Million Dollar oder mehr zu erben
- Überlebende Ehepartner, hauptsächlich Frauen kurz vor der Pensionierung, werden die meisten übertragenen Vermögenswerte kontrollieren
- 80 % der Befragten planen, einen Finanzprofi mit der Verwaltung ihres neuen Vermögens zu beauftragen
- Vertrauen ist der wichtigste Faktor bei der Auswahl eines Finanzprofis
- 70 % der Frauen und 80 % der Millennials würden Rentenprodukte in Betracht ziehen, wenn diese von ihrem Finanzprofi empfohlen werden
Die Studie betont die Bedeutung für Finanzprofis, sich auf die Bedürfnisse von Frauen zu konzentrieren, mit Millennials in Kontakt zu treten und Vertrauen aufzubauen, um der bevorzugte Berater während dieses Vermögenstransfers zu werden.
- 80% of survey respondents plan to use a financial professional to manage their new wealth
- 57% of millennial respondents expect to inherit $1 million or more
- 90% of women respondents look for a financial professional who understands their life goals beyond finances
- 9 in 10 millennial respondents trust the advice and decisions of financial professionals
- 70% of women and 80% of millennials would consider annuities if recommended by their financial professional
- Only 33% of respondents currently have a financial professional they plan to work with after receiving a benefit or inheritance
Eight in 10 survey respondents plan to work with a financial professional after receiving a benefit or inheriting money
The
Commissioned by Equitable and conducted by The Wall Street Journal’s Intelligence unit, the study presents the key findings of a survey of 500 retail investors. The investors represented in the survey are household finance decision-makers aged 35-64. In general, these investors are high earners who anticipate receiving an inheritance or primary benefit of more than
The study revealed that millennials will be among the biggest beneficiaries of this transfer in assets, with
“Our research shows that large sums of wealth will change hands at historic levels, and the recipients are likely to look for a financial professional they can trust for support and guidance,” said Nick Lane, President of Equitable. “Financial professionals who can get ahead of this curve by deepening relationships with the entire family will not only be in a better position to serve their clients, but also future-proof their practices as this transfer of wealth unfolds.”
As financial professionals look to provide holistic planning support to inheritors of this great wealth transfer, Equitable’s survey uncovered the following key insights to help them build stronger relationships with their future clients:
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Focus on the needs of women – Much of the wealth women inherit will likely be in the form of a benefit following the death of a spouse. As stewards of their family’s wealth, women respondents value retirement planning and
90% look for a financial professional who understands their life goals beyond finances. Women respondents also want long-term support, with one in three looking for a financial professional who actively strives to build strong relationships.
- Engage with millennials – Millennial survey respondents have reached a crucial phase in their lives to plan for their financial futures. Most are in line to inherit considerable sums of money, while also advancing in their careers. Although millennial respondents tend to be more self-directed investors, it does not mean they don’t also want help. Nine in 10 said they trust the advice and decisions of financial professionals.
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Become the advisor of choice – Eight in 10 survey respondents plan to use a financial professional to manage their new wealth. However, only one third (
33% ) currently have a financial professional who they plan to work with after receiving a benefit or inheritance. This leaves a sizeable market that will likely seek to build relationships with a new financial professional to help them manage their money.
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Foster trust above all else – When searching for a financial professional, trust was universally the top factor noted by survey respondents. While some focused on fees and the range of products and services offered,
55% of respondents said that trust is the most important consideration when selecting a financial professional.
- Explain the benefits of guaranteed income – Financial professionals play a critical role in helping their clients better understand a broad range of financial strategies, including annuities. Seven in 10 of women respondents would consider annuities if they were recommended or offered by their financial professional. This number is even higher among millennial respondents, with four in five indicating they would invest in annuities if recommended by their financial professional or offered in a workplace retirement plan.
“Financial professionals deliver value that goes well beyond the numbers on a page,” added Lane. “While good financial professionals focus on assets, great ones ask about their client’s family dynamics, their purpose and aspirations, and their plans to leave a legacy. It’s critical to take a holistic approach and put the client’s needs and wants at the center of the financial planning process.”
Today’s announcement builds upon Equitable’s recently launched Let’s Plan Howsm platform, which helps financial professionals build their practices and improve client outcomes. “How to…” is one of the most searched terms on the internet, and the goal of this strategic program is to help increase Equitable’s brand affinity in the market. Visit the Let’s Plan Howsm page on equitable.com to learn more.
About the study:
The “How to Plan for the Great Wealth Transfer” study was commissioned by Equitable and conducted by The Wall Street Journal’s Intelligence unit. The study presents the key findings of a survey of 500 retail investors representing household finance decision-makers aged 35-64. Survey respondents have household incomes of more than
About Equitable:
Equitable, a principal franchise of Equitable Holdings, Inc. (NYSE: EQH), has been one of America’s leading financial services providers since 1859. With the mission to help clients secure their financial well-being, Equitable provides advice, protection and retirement strategies to individuals, families and small businesses. Equitable has more than 8,000 employees and Equitable Advisors financial professionals and serves 3 million clients across the country. Please visit equitable.com for more information.
Variable annuities are long-term financial products designed for retirement purposes. In essence, an annuity is a contractual agreement in which payments are made to an insurance company, which agrees to pay out an income or a lump-sum amount at a later date. Variable annuity contracts are subject to market risk, including loss of principal. All guarantees provided by annuities are based on and subject to the claims-paying ability of the issuing life insurance company.
Reference to the 1859 founding applies specifically and exclusively to Equitable Financial Life Insurance Company. Equitable is the brand name of Equitable Holdings, Inc., and its family of companies, including Equitable Financial Life Insurance Company (NY, NY) and Equitable Financial Life Insurance Company of America, an
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1 McKinsey Study, “Women as the next wave of growth in
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Media:
Bill Sutton
(315) 373-9685
mediarelations@equitable.com
Source: Equitable
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