FA: What impact will the aging of baby boomers have on the redistribution of family wealth?
Winget: Certainly the amount of wealth being transferred will be huge. Studies have speculated that over the next 30 to 40 years as much as $30 trillion will pass from the baby boomers. But there’s also a change in how that wealth will be managed. Baby boomers are generally more comfortable with the traditional advisor-led model, while the rising gen increasingly demands more control and transparency.
FA: How can families best build wealth and save the Earth at the same time?
Winget: Great question. To be effective in their giving, families need to first decide what their common values are. At Cresset we put an emphasis on bringing families together to align on a shared vision for their wealth and the impact they want it to have. We believe that wealth truly is about more than money. Once families accomplish that, they can begin to outline the purpose and goals of their philanthropy, and then work on solutions. The challenges are enormous, but the good news is that families have more options than ever to make a real difference.