The Great Wealth Transfer

Aug 1

Dear Friends and Family,

Following an exciting conversation last week on Instagram Live, with Nathan Mersereau, President of Planning Alternatives - Wealth Advisors for Life, this month I'm diving into all things financial planning.

**What is The Great Wealth Transfer?**

As you likely heard, the largest generational wealth movement is just getting started. Of the estimated $140 trillion of wealth in the US, over half is owned/controlled by Baby Boomers, 73 million adults born between 1946 and 1964. Over the next 20 to 25 years, we anticipate about $80 trillion will move from them to successive generations.

**Why does it matter?**

Aside from the sheer volume of the transfer, which is already making headlines, financial stability and alignment are integral to family unity. Nathan and his team focus on aligning money with life's purpose and creating a legacy for multiple generations. Being proactive in discussing finances can help families thrive and prepare for life's unexpected events.

**Watch out for values**

The generations poised to inherit much of this wealth - Gen Z (1997-2012), Millennials (1981-1996), and Gen X (1965-1980) - have varying value sets influenced by their experiences, which affects how they view, handle, and prioritize money. Communication about money should come from a place of concern and care for each other and each other's goals.

**Planning is paramount**

Nathan recommends having proactive family meetings, getting organized, and building a financial plan to navigate life's financial challenges. He also encourages improving financial literacy through various resources like Khan Academy and professional guidance. The more each family member knows, the more open and honest they can be with each other in setting goals.

**Work with a professional (or a few)**

I've partnered with my nephew, Jason, to create The Haber Network, to better help our clients and their families. We're working with partners like Nathan and other generational experts to ensure the best quality care for this great transfer of wealth. Stay tuned for even more over the coming months to keep you engaged and informed.

Improving financial literacy is essential, regardless of one's net worth, and can be achieved through various resources, seminars (like our Instagram Live), workshops, and professional guidance. If I can help point you or your family in the right direction, please don't hesitate to reach out.

All the best,