Inheritors Not Prepared To Inherit, FIS Says

According to FIS, a financial technology firm, thirty trillion dollars will pass from the older generation to the younger within the next decade. However, only 10% of the over 1,700 Americans surveyed believed that they would be receiving an inheritance in the near future. This statistic suggests than many consumers are uninformed on how wealth transfers – even smaller ones – work.

A large number of those surveyed do not comprehend the importance of professional financial advice. “Nearly half (48 percent) of Gen Xers would first turn to a friend or family member for inheritance advice and one-third of baby boomers would try to handle it themselves, the report said.”

Brian DuVal, head of wealth and retirement for FIS, said, “The challenge [for advisors] is to do a better job of educating their customers on wealth and retirement topics.”

See Karen Demasters, Inheritors Not Prepared To Inherit, FIS Says, Financial Advisor, May 16, 2018.

Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.