Advisers must engage with inheriting Millennials or they ‘could lose business’

Firefly Wealth founder Adele Martin is set to appear at next week’s ifa Future Forum to discuss intergenerational wealth transfer as it’s estimated that $3.5 trillion will be transferred from Baby Boomers to younger Australians in the next 20 years.

Speaking to ifa ahead of the session, Ms Martin said advisers who don’t currently engage with Millennials must start thinking about it now.

“Millennials are starting to reach their 40s. They are going to need help with managing ageing parents and they will inherit significant sums of money,” Ms Martin said.

“If advisers don’t have a relationship and service for children inheriting they could lose business.”

Ms Martin’s session will also cover how advisers can do their part in reducing the advice gap that she believes its biggest area of concern is “too much friction in the advice process” such as a 60-minute initial phone call to clients and a manual fact find.

“I think many advisers believe people can’t afford advice,” she said.

“Whilst I think that may be true in some instances, I also believe it’s because advisers haven’t articulated the value or removed the risk.”

The ifa Future Forum 2021 will begin at 8am at the Four Seasons Hotel in Sydney on 17 November.

Click here to register.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.