How Financial Advisors Can Grow During the Great Wealth Transfer (Sponsored Content)

Because you're a subscriber to this Bloomberg podcast, we thought you'd be interested in a sponsored podcast called The Great Client Transfer, produced by Prudential and Bloomberg Media Studios. Here's a recent episode. Welcome to the great client transfer. If you're a financial advisor, I'm sure you've heard about and thought about the great wealth transfer. This is an inflection point where there's a huge opportunity to try to solidify a new generation of clients. However, when when the money moves, there's a very good chance your clients will move too. Demonstrating true understanding of how this new generation thinks about wealth and retirement will be essential. Today, we'll discuss the data behind the wealth transfer and how financial advisors can make the most of this moment. I'm Maggie Lake, a financial journalist, and I've heard experts opine on this issue for years. But today, I want to boil it down to some hard facts and actionable ideas. To do that, I put together a fantastic panel. We have Chelsea Ransom Cooper, a financial adviser with Zenith Wealth Partners who's actively working to retain current clients and attract new ones. Britney Castro, a financial planner, will offer a behavioral finance perspective for our conversation. She's here to decode the why behind a lot of client actions we've been seeing. And we have David Blanchett, the head of retirement research for Prudential Financial and portfolio manager at PGIM. So welcome, everybody. It's wonderful to have you here in person. Thank you for having us. Yeah. Great to be here. This is a really important topic, so I think we're we're gonna have some fun and hopefully, give some people some stuff to learn about. David, Prudential has done a lot of research on this great wealth transfer. What's the research telling you? I mean, it's it's a really big number. Right? According to our Cerulli report, over a $100,000,000,000,000 that's estimated to be transferred to generations in the next twenty five years. So, I mean, we're talking about just this tremendous, you know, opportunity in this risk because if you look at at people when they're asked, like, are you gonna stick with your parents' adviser? Only about 19 ish percent say they're gonna stay with their adviser, you know, going forward. So I think that what this creates is just is just this question, like, how are you preparing as an adviser to meet this new possible demand? That's a shockingly low number, I think. I I was not expecting to hear that. Britney, you focus on the behavioral part of finance. Why? Why is that number so low? Why do people feel like they have to make a change? Well, I think for so long, they feel unheard or unseen by the financial adviser, especially in this scenario where it's the next generation. They probably are looking at that adviser as, like, no offense, but old dinosaur. Like, they're not talking to me in a way that makes sense. …