Successful Wealth Transfer: Preparing The Next Generation 

According to reports, an estimated $84 trillion is expected to pass to Generation X, Millennials and Gen Z heirs, mostly from the so-called Baby Boomers. Given the increasing trend within this generation towards ‘giving while living’, the impact of this transfer of wealth may be felt even sooner than anticipated. 

“The key to a smooth transition of wealth is ensuring that the next generation is prepared and equipped to manage it. Instead of only passing down financial assets, it is imperative for families to also transfer knowledge, skills, and experience,” says Lucratia Mathe, Head of Client Value Proposition at Standard Bank Wealth and Investment.