Australia's ageing population is driving a massive $6.3 trillion wealth transfer to the next generation between 2024 and 2044. This shift is set to heavily impact wealth and asset managers' business metrics like Funds Under Management (FUM) and client books.
Adding to this, modern families are more diverse and complex. Many Australians re-partner and raise children in binary, non-binary, and same-sex relationships.
A significant amount of wealth is tied up in non-estate assets like companies, trusts, and Superannuation Funds.
Shockingly, around 50% of Australians lack a current estate plan, leading to uncertainty and a high risk of litigation from competing beneficiaries. Legal battles can cost anywhere from $90,000 to $150,000.
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