Latest news with #Cerulli
USA Today
20-05-2025
- Business
- USA Today
American women are about to inherit $50 trillion. What is the Great Wealth Transfer?
American women are about to inherit $50 trillion. What is the Great Wealth Transfer? Show Caption Hide Caption The wealth gap: $400 billion versus the median American net worth The world's richest person had a net worth of $400 billion. This is the visual comparison of the U.S. wealth gap. Much has been written about the Great Wealth Transfer, a historic passing of assets from the oldest Americans to younger generations over the next two decades. But the kids may have to wait. Between 2024 and 2048, an estimated $54 trillion will pass from one spouse to another, rather than to children or grandchildren, in a wave of 'horizontal' transfers that follow the death of a husband or wife. And more than 95% of that wealth will go to women. Many young adults are pinning their hopes on the Great Wealth Transfer, a generational exchange of riches that could pass $84 trillion from older Americans to their children and other beneficiaries. The money is coming from aging baby boomers and members of the silent generation, who have amassed a staggering sum in home equity, investments and other assets over the years. Much of the wealth will eventually pass to children. But first, trillions of dollars will transfer from one spouse to the other within the same generation: In most cases, from a dying husband to a surviving wife. Roughly $54 trillion will pass through 'inter-spousal' transfers by 2048, according to a recent report from Cerulli Associates, a research and consulting firm for the asset and wealth management industry. Because wives tend to outlive husbands, nearly all the wealth will go to women. 'When we talk about 'next-gen,' it doesn't always mean younger people. It often means the wife,' said Alvina Low, chief wealth strategist at Wilmington Trust. Banking on an inheritance? You may have to wait. For younger Americans, the coming wave of spouse-to-spouse transfers provides a timely reminder: If you are banking on an inheritance to get you through life, you may be in for a shock. 'Even if you have wealthy parents, you might not be seeing any amount of that until you're almost retiring yourself,' said Chayce Horton, a senior analyst at Cerulli. Americans are most likely to inherit between the ages of 56 and 65, according to a 2021 analysis by researchers at the Wharton School of the University of Pennsylvania. But most Americans never inherit a dime. Men handle the finances in many marriages The Great Wealth Transfer to widows has implications, too, for millions of older Americans. Men handle the finances in many marriages, especially among older Americans. Spouses might know little or nothing of investment and retirement accounts, bill-paying routines and estate plans. 'There has always been a more traditional gender role. Men often made a lot of financial decisions in the partnerships,' said Candace Dellacona, an estates and trusts attorney in New York. 'I'm hopeful that women will take more ownership over being involved in that wealth transfer,' she said. 'Because, you know, we are responsible for a lot of it. We earn it.' Women are rapidly gaining confidence in household finance. A 2023 survey by Allianz Life found that 43% of married women considered themselves the chief financial officer at home, up from 34% in 2021. But men have long been viewed as experts on household finance, especially in wealthy households. A 2021 academic study found that husbands were considered most knowledgeable on finance in 90% of the wealthiest households, those in the top 1% by net worth. Financial advisers should talk to wives, too One aim of the Cerulli report, Horton said, is to alert financial advisers and estate planners that they should talk to both partners in a household, not just husbands. 'It's really important to establish relationships with families, rather than individuals,' he said. Dellacona put it more bluntly: 'If the financial adviser is only talking to the husband,' she said, 'get a new financial adviser.' The problem with leaving one spouse in charge of family finance will become obvious, experts say, if that partner dies first. 'You have to plan for widowhood, whether it's male or female,' said Angie O'Leary, head of wealth strategies and solutions at RBC Wealth Management-U.S. Here are a few tips for couples to prepare for the potential death of the partner who pays the bills. Work together on an estate plan Many financial advisers say Americans should have a will or trust, which instructs how to distribute property and other assets upon your death. That document is part of a larger estate plan, which also dictates who will manage your affairs in an emergency while you are alive, among other provisions. Spouses should work together on estate plans, experts say. Collaborate on naming beneficiaries Investment accounts and life insurance policies often require you to name beneficiaries, who get the money upon your death. For many Americans, beneficiary designations function as an estate plan: they're legally binding and dictate what happens to a large portion of your assets. Naming beneficiaries now will make life easier for a surviving spouse when one partner dies, experts say. Share intel on household accounts When a spouse dies, the surviving partner may be faced with a tangle of utility bills, passwords and pins to unravel. To simplify that process, create a file that contains all of that information, including printed statements for every household account. Update it as needed. Consider adding both spouses to every account, including utilities, streaming services and everyday banking. That way, if one partner dies, the other will have less trouble gaining access. Plan for long-term care More than 80% of Americans will require long-term care, according to the Center for Retirement Research at Boston College. Long-term care, such as assisted living, can swiftly drain your assets. Couples should plan together for how to cover the expense, said Anqi Chen, associate director of savings and household finance at the Center for Retirement Research. 'For widows especially, they will probably live a long time, and women are also more likely to need long-term care,' she said.
Yahoo
12-05-2025
- Business
- Yahoo
Inheritance tips: 4 things to discuss when transferring wealth
According to Cerulli Associates, older Americans are set to pass down $124 trillion in assets over the next 20 years, but many families still avoid conversations about inheritance. Tom Deans, author of "The Happy Inheritor," joins Wealth with Brad Smith to explain why discussing estate plans early can prevent chaos later. To watch more expert insights and analysis on the latest market action, check out more Wealth here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
08-05-2025
- Business
- Yahoo
Wall Street Brokers Risk Losing Billions in Fees on SEC Shift
(Bloomberg) -- A potential regulatory shift in favor of the ETF industry is expected to shake up the business models of Wall Street brokers, with billions of dollars in revenue at stake. Vail to Borrow Muni Debt to Ease Ski Resort Town Housing Crunch Is Trump's Plan to Reopen the Notorious Alcatraz Prison Realistic? Iceland Plans for a More Volcanic Future As Trump Reshapes Housing Policy, Renters Face Rollback of Rights Wirehouses and broker dealers risk losing between $15 billion and $30 billion a year in fees that they currently collect from the mutual funds they offer to customers, according to a report released Thursday by Cerulli Associates. These losses are possible if the Securities and Exchange Commission allows mutual fund managers to add an exchange traded share class to the funds they operate. They have not been able to make this change previously because of a patent held by Vanguard Group, but that patent recently expired and the SEC has signaled that it is likely to approve some of the pending bids from competitors. Fund managers have been looking to embrace the hybrid structure en masse. Financial firms that offer mutual funds to customers collect so-called shelf space fees from the asset managers who offer the funds in exchange for distribution and operational support. Exchange traded funds, though, don't typically spin off these kinds of fees. If dual-class funds gain SEC approval, Cerulli anticipates the fees could dwindle for a wide range of industry players including the largest wirehouses, independent broker dealers and regional firms. The analysis assumes that all of the existing mutual funds that are not already in tax-efficient retirement accounts or institutional share classes would convert into an ETF share class. While the researchers emphasize that would take 'years to play out' and may not come to pass, they add that 'it is worth noting that this development poses an outsized economic challenge' to broker dealers. 'I think it would be premature to estimate the volume of conversions, at this point, given where we are in the approval processes and where asset managers are in selecting which funds they're going to actually attach an ETF share class to,' Chris Swansey, one of the authors at Cerulli, said in an interview. 'We just want to say this is the overall revenue that is at risk, at stake for those intermediary platforms.' Trading platforms have already had to adapt their business models as investors continue to shift money out of mutual funds and into low cost, index-tracking exchange-traded funds. Fidelity has been pushing ETF issuers to give it a share of the revenues that the issuers take in from Fidelity customers. The Cerulli researchers propose that one way for broker dealers to stem the potential blow from the changing fund landscape is to introduce similar revenue-sharing agreements with ETF issuers. 'There is significant revenue at stake here, but it's also possible that the wealth managers find a way to turn a crisis into an opportunity and it may well result in greater revenue share requests across a wider variety of ETF products,' said Cerulli's Daniil Shapiro, another author of the report. Vanguard created and patented the dual share class design two decades ago, which ports the tax efficiency of the ETF onto the mutual fund. It helped Vanguard save its clients billions on taxes, and ever since the patent expired in 2023, asset managers have been vying for SEC permission to recreate the model. BlackRock, Fidelity and Dimensional Fund Advisors are among the many firms with pending applications. US Border Towns Are Being Ravaged by Canada's Furious Boycott Pre-Tariff Car Buying Frenzy Leaves Americans With a Big Debt Problem Made-in-USA Wheelbarrows Promoted by Trump Are Now Made in China Inside the Dizzying Chaos of Running a Freight Business Under Trump Why Juggling IVF With Work Can Be a Career Killer ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
18-03-2025
- Business
- Yahoo
AssetMark Launches New Program to Help Bridge Succession Planning Gap for Financial Advisors
CONCORD, Calif., March 18, 2025 (GLOBE NEWSWIRE) -- AssetMark, a leading provider of wealth management and technology solutions for financial advisors, today announced the launch of a new program for advisors, Ascent. The program is aimed at helping advisors face the challenges of succession planning by providing education and guidance throughout the entirety of their career. Succession planning has become an increasingly urgent issue for financial advisors as a growing number of them approach retirement, while fewer new entrants are joining the industry. According to data from Cerulli, 72% of new advisors leave the profession shortly after entering, raising concerns about the sustainability of financial advisory practices. The demographic shift within the advisor population is particularly striking, with an estimated 110,000 advisors expected to retire in the next decade. In stark contrast, only 9% of advisors are under the age of 35, while 45% are 55 or older. In response to this challenge, AssetMark developed Ascent to support advisors at various stages of their careers. The program offers tailored training and resources designed to help them plan for succession and ensure the continuity of their businesses. The Ascent program features a range of training mediums, mentorship opportunities, and events, structured across three key stages: Embark for Future Advisors: A six-month program for advisors who are new to the industry. Advance for Successor Advisors: A year-long program for next-gen advisor leaders and successors. Summit for Established Advisors: A four-month program for advisors who own their practice and those approaching exit. 'AssetMark works with thousands of financial advisors who bring up succession planning time and time again as an area where they need greater support,' said Matt Matrisian, Head of Client Growth at AssetMark. 'This is why we developed Ascent – to help advisors start their careers with succession planning in mind while providing guidance to more experienced advisors ready to exit their practice, ensuring a smooth process through the entire lifecycle.' The program's structure makes it possible for advisors to make succession decisions that not only assure the continuity of their business but also align with their personal goals and retirement plans. The program's training provides advisors with a variety of skills – from allowing future advisors to learn about client experiences, to coaching seasoned advisors through overcoming emotions often tied to letting go of their practice. 'The launch of Ascent is AssetMark's latest step in our mission to continuously enhance and grow the capabilities that we provide to today's financial advisors,' said Michael Kim, CEO of AssetMark. 'The job of an advisor continues to evolve, so naturally, their expectations of a service partner platform do too. I'm proud of how the AssetMark team continues to meet these expectations in areas that are most important and challenging to advisors, such as succession planning.' About AssetMark AssetMark operates a wealth management platform whose mission is to help financial advisors and their clients. AssetMark, together with its affiliates AssetMark Trust Company, Voyant, and Adhesion Wealth Advisor Solutions, serves advisors at every stage of their journey with flexible, purpose-built solutions that champion client engagement and drive efficiency. Its ecosystem of solutions equips advisors with services and capabilities to help deliver better investor outcomes by enhancing their productivity, profitability, and client satisfaction. With a history going back to 1996, AssetMark has over 1,000 employees, and its platform serves over 10,700 financial advisors and over 317,000 investor households. As of December 31, 2024, the Company had over $139 billion in platform assets. AssetMark is a Registered Investment Adviser with the U.S. Securities and Exchange Commission. For more information, please visit Follow us on LinkedIn. Media:Vesselina DavenportPublic Relations & Communications in to access your portfolio
The Guardian
20-02-2025
- Entertainment
- The Guardian
Motionless in White review – gothically glam US metalcore will put a grin on your face
Motionless in White have the commendable quality of a stadium-headlining band playing a 2,000-capacity theatre. Formed almost 20 years ago in Scranton, Pennsylvania, the metalcore five-piece lay it on thick from the off, with dancing girls, pyrotechnics and a wall of Blade Runner visuals to match the colossal riffs of recent single Meltdown. Lead vocalist Chris 'Motionless' Cerulli is darkly handsome in a sleek black coat, incongruously low-key compared to his corpse paint-wearing bandmates. But his goth smarts against the cartoonish metal surroundings are a neat analogue for the band's sound: classic metalcore with a glam, gothic edge. He may be relatively unshowy, but Cerulli's impressively malleable voice carries the show's emotional and musical surges. Another Life allows him to embrace post-hardcore melodrama, and ballad Masterpiece is arguably his best showcase, as he switches from a soaring emo chorus to a snarling breakdown. Hardcore ripper Slaughterhouse ignites pure carnage in the pit, even if the guest vocals from Fit for a King's Ryan Kirby aren't as gnarly as those on the recording, by Bryan Garris of hardcore heroes Knocked Loose. The band have a charming Misfits-meets-Creeper tendency towards Halloween theatrics. The synth-pop jam Werewolf is appropriately introduced with Vincent Price's Thriller monologue, and the dancers are dressed in a series of classic costumes (skeletons, cheerleaders, chainsaw-wielders), at one point stopping to throw sweets from buckets into the audience. When they don Mean Girls-esque outfits of rodent ears and rubber miniskirts during Rats, it's knowing and silly, especially when Cerulli briefly joins in their routine. The song is a riotous glam stomper, cliched but none worse for it (sample lyric: 'Roses are red / and my heart is black'). Motionless in White have long been likened to Marilyn Manson, an unfortunate comparison in 2025. Their music leans heavier than Manson, but their embrace of glam rock swagger and gothic drama is certainly comparable, albeit presented with an attitude that is more earnest than menacing. After seeing this aesthetic used for nefarious purposes, it's fun to spend time with a band who appreciate its inherent playfulness. Motionless in White play Victoria Warehouse, Manchester, 21 February and Brixton Academy, London, 22 February.
