Intergenerational wealth planning

How to make intergenerational wealth transfers successful.

Become the family wealth advisor.

How to make intergenerational wealth transfers successful.

Become the family wealth advisor.

Legacy means different things to different people.

For some, it is living life to the fullest without leaving a financial burden behind. It can be endowments to charity, an inheritance to loved ones, or a plan for business succession. Above all, it is about having a meaningful impact on those who matter most to you.

But inheritances can tear families apart, and 70% of wealth transfers fail1. You can help families remain whole and harmonious and increase the success rate of these wealth transfers.

1 Preisser, Vic and Roy Williams. “The Future of Estate Planning.” Trusts and Estates, June 2010.

An estimated $30 trillion globally in intergenerational wealth transfers will happen over the next 3 decades.1 With such a massive amount, there will be a need for holistic wealth planning solutions. By providing additional services such as tax and estate planning and making your Clients aware of the various services you offer, you can help Clients protect their wealth, prepare their families for the inheritance and build longevity into your practice.2

The opportunity

Inheritances are also a source of tension and upset among families. 85% of wealth transfers that fail are due to breakdowns in communication, trust and lack of preparedness.3 It’s common for family members to clash over inheritance assets despite the wishes of their loved ones.

So why are more conversations about legacy planning not happening? While many Clients aren’t comfortable talking about their own death, there are other important factors advisors need to consider:

  • 32% of affluent Canadians say they are worried about how their heirs will handle their inheritance4
  • 36% say their children don’t have the financial literacy to manage a potential windfall5
  • 28% don’t trust their children’s spouses to manage their heirs’ inheritance money6

The Sun Life 4 Step Approach helps your Client and their family create a plan to navigate these risks, overcome a break down in trust, and achieve a successful wealth transfer.

Your Clients can:

  • Overcome a break-down in trust and communication by working with an advisor
  • Receive help with navigating a difficult conversation
  • Learn about the tax considerations of estate planning
  • Feel financially prepared for wealth transfers through the creation of a comprehensive estate plan

You can:

  • Retain assets upon the death of a Client
  • Create meaningful and trustworthy relationships with new Clients
  • Capture next generation assets, by including the entire family in the planning process and develop relationships with the family members
  • Create engaged Clients through strengthened and trusted relationships
  • Strengthen your value proposition by offering a value added and differentiating service
  • Develop your Centers of Influence (COI) and referral network through strategic partnerships
  • Build longevity into your business

1 Jess Stonefield, “Are Boomers ready to make the greatest wealth transfer in history?”, FORBES Magazine, May 2018

2 "Canadian Baby Boomers stand to inherit $750 billion in the next 10 years", Marchés des capitaux CIBC, June 2016

3 Preisser, Vic and Roy WILLIAMS. "The Future of Estate Planning." Trusts and Estates, June 2010.

4 Affluent Canadians are worried about wealth transfer, IPC/Environics, January 2018

5 Affluent Canadians are worried about wealth transfer, IPC/Environics, January 2018

6 Affluent Canadians are worried about wealth transfer, IPC/Environics, January 2018

3-steps to family legacy conversations

  • Use this approach to initiate family legacy conversations.
    • For access to this resource, connect with your Sun Life relationship manager.    

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