$30 Trillion Boomer Giveaway Could Pay National Debt, Twice
Of course, this won't be the case for Warren Buffett's children, who stand to receive very little, as the second-richest American behind Bill Gates, don of American capitalism and CEO of Berkshire Hathaway(BRK.B) , has made it clear that not only does he want the existing 1% to pay more in taxes before they give it all away to their kids, but he won't allow his kids to become part of a new 1% by doing nothing more than sitting back and inheriting bags of money (Buffett has created the GivingPledge organization to get the wealthiest global citizens to donate at least half of their fortune to charity upon their death.)
The Accenture data is predicated on the idea that Boomers won't spend all that money before they are done, and there's recent evidence that Boomers are doing as much as possible to dip into the $30 trillion before completing the generational giveaway (though they aren't necessarily stepping up to pay the federal deficit with it.)
In any event, one question raised by the predicted massive wealth transfer is whether the financial services industry that has catered to the existing 1% will still stand to control the $30 trillion in mutual funds, stocks and bonds, and high-net worth banking accounts. There's growing sentiment lined up against the financial services industry in the U.S., just as the greatest generational wealth transfer of all is occurring.
The wealth management industry, defined as financial institutions like banks, brokerages and investment advisory firms, is out of tune with Americans on the receiving end of the $30 trillion in inheritance, or those close to those about to get a big inheritance check.
Jersey City-based Scivantage, a financial services technology provider, reports that Millennials, Gen-Xers and Gen-Yers, are increasingly fickle customers or simply are not buying what banks and investment firms are offering. While Millennials are too young to be direct inheritors of the $30 trillion wealth transfer, their wary view of the financial services industry is at least partially inherited by way of the waning loyalty shown the financial industry by the $30 trillion Spooners (Scivantage actually places the looming generational giveaway check at as much as $40 trillion.)