Advising the millennial inheritors

The BBC this week has been reporting that millennials will benefit from the biggest ‘inheritance boom’ of any post-war generation.

It was drawing on a report by the think tank The Resolution Foundation claiming that inheritances were set to more than double over the next 20 years, peaking in 2035, but most millennials will have to wait until they are 61 to benefit.

By comparison the report states, only 38% of adults born in the 1930’s received an inheritance. Wealth creation it suggests since then has come from home-owning but millennials are only half as likely to own a home by the age of 30 compared to the baby boomer generation and they might not inherit at all if their parents have had to use all the funds for social care in their old age.

However the Association of International Wealth Management – a non-profit association based in Zurich, Switzerland -says the need for education in this area of service providers is important: ‘We are about to see an unprecedented level of wealth pass from one generation to another, creating enormous demand for services in and around succession issues and knowledge in the fields of real estate, taxation, law and regulation is going to be important’.

The association provides The Certified International Wealth Manager - a graduate/degree level course ensuring an in-depth knowledge of international wealth management and tax planning that reflects the cross-border connections and investment of wealth owners.

It teaches techniques to deal with risk and has a focus on the psychological factors influencing the customer and the advisor. It is aimed at financial, legal and other professionals who might already work in the wealth management industry including asset managers and financial planners.

To find out more about CIWM click here www.aiwn.org