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The New Age of Advice
Retaining wealth across generations: The adviser's challenge

Written by financial advisers, for financial advisers in partnership with Ensombl. This guide provides practical strategies, expert insights and useful tools to help you navigate the significant wealth shift across generations.

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The Intergenerational Wealth Transfer
01.
$2.31 million
is the current average net worth per household for Baby Boomers.* Their economic footprint is twice as large as their demographic footprint.**
02.
$3.5 trillion
will transition from Baby Boomers to younger generations over the next 20 years. This marks the largest intergenerational wealth transfer in Australia's history.***
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Summary

In collaboration with Ensombl, The New Age of Advice guide has been developed with insights from seven leading financial advisers who have successfully navigated how best to approach the right conversations and engaged multiple generations in their clients' wealth conversations.

This guide deep dives into identifying the specific concerns of each generation and understanding how significant milestones in one generation's lives might differ from others. It also includes prompts that can help uncover key financial questions your clients might have that can help you to build upon your current approach, further evolve your client value proposition, and build strategies that foster multi-generational connections.

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Sources

* KPMG, The great wealth transfer begins as Gen X overtake Boomers for housing and shares https://kpmg.com/au/en/home/media/press-releases/2025/01/the-great-wealth-transfer-begins-as-gen-x-overtake-boomers.html on 3 January 2025, accessed 28 January 2025

** McCrindle, Australians by wealth and income, https://mccrindle.com.au/article/australias-generations-by-wealth-and-income/ accessed 28 January 2025

*** Australian Financial Review, Gen X prepares for the next great wealth transfer, https://www.afr.com/wealth/superannuation/gen-x-prepares-for-the-next-great-wealth-transfer-20230724-p5dqr0 on 7 August 2024, accessed 28 January 2025

Disclaimer

Generation Life Limited (Generation Life) AFSL 225408 ABN 68 092 843 902 is the product issuer. The information provided is general in nature and does not consider the investment objectives, financial situation or needs of any person and is not intended to constitute personal financial advice. The product’s Product Disclosure Statement and Target Market Determination are available at www.genlife.com.au and should be considered in deciding whether to acquire, hold or dispose of the product. Professional financial advice is recommended. Generation Life excludes, to the maximum extent permitted by law, any liability (including negligence) that might arise from this information or any reliance on it. Generation Life does not make any guarantee or representation as to any particular level of investment returns. Past performance is not an indication of future performance. Unless noted otherwise, references to percentages or figures and/or ages are based on the survey described in Generation Life’s Not Tomorrow’s Problem guide June 2024. Factual information only is provided, not intended to imply any recommendation or opinion about superannuation products or superannuation investments.