Next-Gen Millionaires Ditch Old Advisors in Great Wealth Transfer

The Great Wealth Transfer: Next-Gen Millionaires Demand Digital-First Financial Planning The transfer of over $100 trillion in wealth from baby boomers to younger generations is reshaping the financial advice landscape. According to a new Capgemini survey, 81% of next-gen millionaires plan to replace their current advisors after inheriting, highlighting a significant disconnect between traditional wealth management firms and the expectations of younger investors. "Young investors are digital natives," explains Robert Frank, CNBC’s reporter. "Many wealth management firms are still stuck largely in the past." This preference for digital tools is not the only factor driving this change. The younger generation also seeks a more holistic approach to wealth management, including private equity, crypto investments, and international opportunities, as well as lifestyle advice, according to Kartik Ramakrishnan, Capgemini CEO of Financial Services, Business Unit. This shift underscores the need for the financial industry to adapt to the evolving needs of a digitally savvy and globally-minded clientele. The demand for comprehensive financial planning that extends beyond traditional investments represents a significant opportunity for firms willing to embrace innovation and meet the expectations of the next generation of wealth holders.