A significant generational wealth transfer, projected between $20 and $60 trillion, is anticipated as seniors from the Silent Generation pass wealth to Baby Boomers and younger generations. This transition will unfold over roughly 20 years, prompting discussions on wealth management among families. The book "First Generation Wealth" by Robert Balentine and Adrian Cronje addresses the evolving concept of family legacy, highlighting the responsibility of wealth creators to prevent loss of wealth across generations, as statistics reveal that most wealthy families lose their fortunes by the second and third generations.
While it sounds easy in practice to maintain wealth once it has been created, studies have shown that about 70% of wealthy families lose it all by the second generation, and 90% lose it by the third.
First generation wealth creators have a weighty responsibility and a pivotal role in steering the entire family toward effective wealth management and lasting legacy.
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