Over the next 30 years, £5.5 trillion will be inherited by Millennials and Generation X. This historic movement of money has been coined as “The Great Wealth Transfer” by various journalists and financial experts… estate planning support has never been more important.
Baby Boomers (those born between the late 1940s and early 1960s) control nearly 80% of the UK’s private wealth, with trillions of pounds held in pensions, properties, savings and investments. The Nil Rate Band and Residential Nil Rate Band will not be raised until at least April 2026, meaning more families will exceed the inheritance tax threshold over the coming years.
Larger swathes of the population are entering the age at which they typically start the estate planning process too. In 2021 for example, 31.6% of the UKs entire population was aged 55 and over, this number is set to increase to over 33% as the UKs older population grows in number.
These shifts are creating enormous opportunities for estate planners, the market is growing, and more families will need support in navigating tax rules, trusts, investments, lifetime gifting, and Lasting Powers of Attorney. The opportunity is there for the taking. However, whilst the Great Wealth Transfer will bring opportunities, it will also bring its share of challenges.
At Arken, our industry research has uncovered three ways in which we believe the Great Wealth Transfer will impact the estate planning market. These are:
- The rise of digital competitors
- Tomorrow’s clients – a new target audience
- Digital transformation
Watch this short preview video of Arken CEO, David Newick, talk about the Great Wealth Transfer and how the market is changing.
Join us on our upcoming webinar titled “How the Great Wealth Transfer will impact the estate planning industry” on 23rd November, 10am-11am, to listen to our team run through the findings and discuss each challenge in detail.
Everyone who registers will also receive a copy of the white paper, which also explores the opportunities and challenges that this significant transfer of money will introduce in greater detail.
Come and join the discussion with us and register for the webinar here.
This article was submitted to be published by Arken.legal as part of their advertising agreement with Today’s Wills and Probate. The views expressed in this article are those of the submitter and not those of Today’s Wills and Probate.