Generational Wealth: Could It Become a Reality for More Families?

Generational wealth, defined as the financial legacy passed down from one generation to another, has started to gain substantial attention in the world of financial planning. With economies continuing to regain their strength post-pandemic, building generational wealth has emerged as a key financial goal for many individuals. This trend is backed by insights from major institutions and recent studies and is propelled by several factors, such as the rise of the middle class and economic stability in previous decades, which created an increased focus on wealth accumulation and preservation. As a result, generational wealth has become an important financial goal for more people than ever before.

Harvest Wealth Partners gives you the space to explore the wealth management strategies available to you. Here are a few important considerations about generational wealth and why to work with a knowledgeable advisor when creating a financial strategy.

Large Transfer of Wealth Expected in Coming Years

In addition to economic factors, generational wealth has also received increased attention in recent years due to certain demographic factors within the U.S. population. According to a report from Visual Capitalist, “baby boomers” (those born between 1946 and 1964) currently hold about 50% of the nation’s assets, although they only account for about 21% of the population. As a result, younger generations are expected to inherit as much as $84 trillion in assets by 2045. This massive transfer of wealth could present new financial opportunities for those receiving the assets, including the potential to work toward building generational wealth for their own heirs.

Implications for Wealth Management and Planning

This shift to generational wealth has significant implications for wealth management and financial planning. It necessitates a long-term perspective on wealth creation, preservation, and transfer, which calls for specialized knowledge and strategies. 

Investors who wish to build generational wealth should consider sharing their plans with any financial planning professionals they may be working with in order to better align their financial strategies with this goal. 

Your Financial Journey Starts with Harvest Wealth Planning

Harvest Wealth Planning is here to guide you through the complexities of wealth management. Our advisors understand that your financial goals are deeply personal and significant. We offer our support as you embark on this journey.

We believe in forging strong relationships with our clients. We strive to understand their financial aspirations and work together to formulate a plan that respects their independent circumstances.

Explore Your Options With Harvest Wealth Partners

Creating generational wealth isn’t just about accumulating assets. It’s also about supporting your loved ones. That’s why Harvest Wealth Planning is committed to providing you with the tools and guidance required to make informed decisions about your wealth. 

Our approach is centered around understanding your individual financial goals and providing support throughout the process. We cover various aspects of financial planning, all while maintaining a friendly and approachable tone. Whether it’s explaining the nuances of investment strategies or helping you navigate the intricacies of estate planning, our team is here to provide guidance.

Harvest Wealth Planning isn’t just about managing wealth. It’s about helping you understand all options before proceeding. It’s about guiding you through the complexities of financial planning, so you can make informed decisions that align with your personal goals. We are with you every step of the way as you work toward a better future for your loved ones. Call now to begin.