IFAs must prepare for the ‘Inheritance Economy’ as nearly £1 trillion set to pass to the next generation within 10 years
• Wealth transfer set to rise by 66% from £69 billion in 2017 to £115 billion in 2027
• Nearly £1 trillion expected pass to the next generation in a decade
• Average value of inheritances set to jump by 47% from £62,000 to £91,000 by 2027
• But IFAs unprepared to deal with this phenomenon will miss out on this opportunity
The ‘inheritance economy’ is set to boom over the next 10 years, as rising wealth and higher mortality rates combine to raise the total value of inheritances to £1 trillion over the next decade, but IFAs who are unprepared for this shift in generational wealth could miss out.
The total annual amounts passing from one generation to the next are forecast to rise from the current level of £69 billion to around £115 billion by 2027, according to a ground-breaking report from estate administration specialists