You’ve likely heard or seen this statistic: Only 13% of investors choose to work with the same advisor their parents use.
That’s from a 2019 survey by Cerulli Associates. The findings of a 2021 Cerulli survey are a little more promising: Those who said they were willing to stick with their parents’ advisors after inheriting their parents’ wealth was closer to 30%.
However, that still means an overwhelming majority of heirs plan to take their parents’ money and run … to other advisors. And that amount of money is substantial. Cerulli projects that $76.2 trillion in assets—that’s trillion with a T—will be transferred to heirs through 2045.