Intergenerational wealth protection & transfer concerns escalating as an issue in 2018 says Zervides

By: Australian Wealth Solutions
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Intergenerational wealth
Wealth Transfer
Intergenerational transfer


Melbourne - Victoria - Australia

MELBOURNE, Australia - Feb. 13, 2018 - PRLog -- Institute of Public Accountants (IPA) Victorian Vice President and Australian Wealth Solutions (AWS) principal Sam Zervides is predicting that wealth protection and intergenerational wealth transfer will be one of the hottest client issues for advice professionals in 2018.

Commenting further Sam Zervides said we are on the threshold of the largest intergenerational wealth transfer in history with some estimating it could be as high as $3 trillion that will change hands over the coming decades as mature age Australians pass on their wealth to the next generation of family members.

Leaving financial legacies for the future generations is a major priority and concern for senior Australians and NOT spending the kids' inheritance as was once the catch cry of many advertising campaigns.

Hence AWS recommending discussions should commence as soon as possible with clients that indicate intergenerational wealth transfer is an objective.

"When it comes to intergenerational wealth transfer, there is no such thing as an off the shelf / one-size-fits-all approach and solution", added Sam Zervides.

"Each and every circumstance is unique to each individual, which makes a comprehensive integrated plan crucial to ensure this transfer of wealth is achieved to the client's wishes".

"Therefore, it requires an alliance of planners, accountants and solicitors to address the very personal and unique issues and aspirations of individual clients – many of which can be extraordinarily complex to navigate – especially the family and interpersonal issues".

"Clients are far more reassured when their advisory network is working together in concert to provide a more comprehensive and inclusive solution to achieve their desired outcomes".

Also, by getting everyone on board early and involved to understand the process, it provides a solid foundation for the intended desired outcome.

The complexities of family interpersonal relationships and rivalries can be stifling with Sam Zervides citing children beneficiaries demanding that I-need-my-money-now, not when the couple or parent dies and passes on their wealth as an example.

Commenting further Sam Zervides said "A growing trend that I've observed and expect will gain momentum is that the alliance of advice practitioners will be required to continue service provision as planners, accountants and lawyers beyond the grave for the client".

It is not unusual for the financial planner be requested to retain his/her relationship with the family to ensure continuity of investment and legacy strategy for the remaining spouse and beneficiaries.

"The era of professional advice providers working in a collaborative framework to address the wealth accumulation, protection and transfer requirements has arrived", said Sam Zervides.

When AWS moved to new purpose-built premises last year, the board room was specifically designed to accommodate the attendance and participation of clients' non-financial planning advisers (legal, accounting, etc) in all meetings.

A facility that has been greatly appreciated and welcomed by all.


Issued by Australian Wealth Solutions

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    Mr. Joe Perri
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Tags:Intergenerational wealth, Wealth Transfer, Intergenerational transfer
Location:Melbourne - Victoria - Australia
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