The Great Wealth Transfer: Is South Africa’s Advice Industry Ready?
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Guest - Raziq Christians, Executive: Retail Distribution at PPS Investments
A global shift in generational wealth is quietly reshaping the future of financial advice. Over the next two decades, an estimated U$100 trillion in assets will pass from the hands of the baby boomer generation to their children and grandchildren. While this global phenomenon is already well underway in developed markets, South Africa is beginning to feel the ripple effects too, as a significant portion of local high-net-worth individuals approach retirement age or begin to structure their estates.
For the financial advice profession, this is not just a moment of potential growth, it is a critical juncture. The clients of the future will not only look different demographically; they will think, behave, and expect entirely differently from those who came before. The question is not whether advisers are aware of the so-called “great wealth transfer”, most are. The real question is whether they are ready for what it demands of them.
A global shift in generational wealth is quietly reshaping the future of financial advice. Over the next two decades, an estimated U$100 trillion in assets will pass from the hands of the baby boomer generation to their children and grandchildren. While this global phenomenon is already well underway in developed markets, South Africa is beginning to feel the ripple effects too, as a significant portion of local high-net-worth individuals approach retirement age or begin to structure their estates.
For the financial advice profession, this is not just a moment of potential growth, it is a critical juncture. The clients of the future will not only look different demographically; they will think, behave, and expect entirely differently from those who came before. The question is not whether advisers are aware of the so-called “great wealth transfer”, most are. The real question is whether they are ready for what it demands of them.
