Holistic wealth management for boomers.

Via Financial Advisor News,  a report from Tiburon Strategic Advisors., strategic consultants to financial institutions on estate planning and charitable giving through life insurance and trust accounts.    I can only report their highlights because their full report costs a lot of money.

• For the next two decades, attracting Boomers as clients will be the key to success for financial service companies. 

• Their $17 trillion in investable assets will grow to over $30 trillion by 2010, almost doubling in 5 years. 

• The highest growth and highest margin business is the wealth management business.  The key to winning in the wealth management arena is estate planning.  So say  executives in the financial services industry.

• Over half of high net worth investors in one survey would like holistic wealth management services beyond traditional investment advice.

• Less than half of all US consumers have created a will and only one-quarter have created powers of attorney for healthcare.

• Since 1997 the number of personal trusts has more than doubled, reaching almost 4 million today, holding almost $3.3 trillion in assets.  Since 1998 the number of non-bank trust companies has increased five-fold.  I would venture most of them in the twenty-three states that have abolished the rules against perpetual assets, meaning trusts in those states can pass to multiple generations without federal taxation.

• Over $250 billion is donated to charity each year with people, not corporations or foundations, making almost three-quarters of all donations. 

• The life insurance industry is consolidating, though it's still fragmented, with 1100 companies today, about half the number of 2000 in 1994.  The number of life insurance policies has remained flat, about 167 million individual policies in force.

My bet.  Look for a lot more advisors selling  life insurance and trusts TO FUND YOUR LEGACY, the charities you select to carry on the work you want to see done in the next decade.