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For nearly two decades, Davenport Thomas’s highly experienced team has worked closely with numerous accountancy practices to support their clients with a wide range of financial planning needs.

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Consider the transfer window

22nd Apr 2024
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For nearly two decades, Davenport Thomas’s highly experienced team has worked closely with numerous accountancy practices to support their clients with a wide range of financial planning needs.

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Have you found this content useful? Use the button above to save it to your profile.

This year’s Global Intergenerational Week (24 April to 30 April 2024) centres around one key theme – the essential power of connection between the generations. When looking at this connection from a financial planning perspective, it’s evident that the need for carefully considered intergenerational financial planning has never been greater, as assets continue to flow down the generations.

Consider the transfer window | Davenport Thomas | Children Running Ahead As Multi Generation Family Enjoy Autumn Walk In Countryside Together
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The great transfer

Dubbed by analysts the ‘great wealth transfer,’ the next two decades are set to witness the largest ever intergenerational transfer of wealth as baby boomers and Gen X pass on assets to their heirs.

Gaining momentum

A recent survey shows this transfer starting to gather momentum, with 2023 the first ever year in which billionaires amassed more wealth through inheritance than entrepreneurship (UBS Billionaire Ambitions Report, 2023). This trend is expected to continue in the coming years, with predictions that millennials’ wealth will increase five-fold across the current decade, with significant levels of wealth passing to Gen Z too, according to research (Coldwell Banker, 2019).

Continuing family legacies

As the great wealth transfer progresses, each generation will clearly have their own views on legacy. The research did, however, find strong support for continuing current family legacies, with 60% of heirs planning for future generations to benefit from their wealth.

Careful planning

In addition, heirs were found to be conscious of the need to reshape and reposition their wealth to continue the family legacy, while they also appear to be taking a more holistic approach to the role accumulation of wealth plays in their lives. All of this suggests careful planning will be required if families are to successfully transfer wealth in a way that makes fair provision for all generations.
 

At Davenport Thomas we have been helping clients with their intergenerational planning for over 18 years. So, for a discussion about how we can help you and your clients, you can book directly into Richard’s diary here, email us or call us.

[email protected]
Contact number – 0208 6182077
Calendly - Richard Mumford

 

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The Financial Conduct Authority (FCA) does not regulate Will writing, tax and trust advice and certain forms of estate planning.