Wealthy baby boomers are retiring and the ‘Great Transfer’ of wealth is well underway. Yet, according to the 2012 U.S. Trust Insights on Wealth and Worth Survey, more than two-thirds of parents believe their children are not adequately prepared to handle wealth. This is not surprising because managing wealth isn’t generally taught by our education system and is often not discussed within the family.
It is common for young adults of affluent families to start receiving money in their twenties as beneficiaries of estates and trusts and many are ill equipped to make sound financial decisions with the capital. Conversely, adult children of wealthy families may have misconceptions regarding entitlement to family wealth and/or the relationship any wealth transfer might have on their planned lifestyle.
NextWave is Newport Private Wealth’s initiative to fill the knowledge gap for young adults to become better equipped at managing wealth through a series of discussions tailored specifically to this demographic and present these topics in a way that resonates with these young adults. The following are concerns among young people that will be discussed in NextWave’s series of upcoming financial workshops. [read more >>]