How Financial Institution Leaders Can Prepare for the Largest Generational Wealth Transfer

Bank Business News, September 25, 2023

A recent report from Coldwell Banker forecasts Gen Xers and Millennials will receive more than $68 trillion in inheritance passed down from Baby Boomers. This indicates the largest inter-generational wealth transfer in history, yet financial leaders remain unprepared to serve this younger, digital-first demographic. As new beneficiaries emerge, FI leaders must position themselves to retain and attract their business. Intuitive digital tools set up to manage accounts and implement relationship strategies will become paramount for financial institutions aiming to win business with the rising generations.

First Citizens Bank Managing Director of Wealth Management Michael Wilson, BOK Financial Vice President of Digital Products & Strategies Tori Phillips and Wealth Access Founder and CEO David Benskin spoke with us to share deeper insight on how FI leaders can prepare for this transformative financial landscape shift.

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