The Great Wealth Transfer

In this episode of the Citi Institute podcast, host Alex Miller is joined by Chayce Horton, Wealth Management Team at Cerulli and Chuck Cavanaugh, Citi U.S. Consumer Wealth Management to discuss The Great Wealth Transfer - the $124 trillion expected to be transferred from baby boomers and older generations to younger generations such as Gen X and millennials by 2048, and to share their insights on proactive financial planning, education, and relationship-building between advisors and the inheriting generations to help ensure a smooth and prudent transfer. Chayce Horton, Wealth Management Team at Cerulli highlights some common misconceptions about the wealth transfer, such as the assumption that all millennials will benefit equally. Chuck Cavanaugh, Citi U.S. Consumer Wealth Management emphasizes the importance of comprehensive estate planning, tax-efficient wealth transfer strategies, and proper beneficiary designations for the older generation. Our guests reflect on the some of the challenges and misconceptions and highlight the importance of open communication and transparency within families. Citigroup (“Citi”), and Cerulli are not affiliated and are independent from each other. The speakers’ views are their own and may not necessarily reflect the views of Citi or any of its affiliates. All opinions are subject to change without notice. Neither the information provided, nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. The expressions of opinion are not intended to be a forecast of future events or a guarantee of future results. Citigroup Inc. and its affiliates do not provide tax or legal advice.