What is the Great Wealth Transfer?
Generational wealth transfer refers to the transfer of wealth from one generation to the next, pretty basic. This transfer can take many forms, such as the inheritance of money or property from parents to children, or the transfer of ownership of a family business from one generation to the next. More than just property and money, generational wealth transfer can also involve the transfer of intangibles, like knowledge, skills, and values, from one generation to the next.
Defined like this, wealth transfers happen every 25 years or so, as aging parents pass away and leave their estates, finances, and knowledge to their children and grandchildren. The Great Wealth Transfer is unique because it involves two of the largest current demographics in North America: Baby Boomers and Millennials.