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The $124 Trillion Wealth Transfer Banks Aren't Ready For
The $124 Trillion Opportunity Banks Are Sleeping On
$124 trillion is transferring from Baby Boomers to the next generation by 2048. And most banks and credit unions have no seat at that table. I sat down with Tobias Salinger, Chief Correspondent at Financial Planning magazine — sister publication to American Banker — to unpack the disintermediation risk, the wealth transfer opportunity, and the crawl, walk, run playbook for standing up a financial advising program.
Timestamps
0:00 — Welcome & Tobias's background at Financial Planning and American Banker
0:24 — How fintechs are chipping away at traditional banking relationships
1:03 — How serious is the disintermediation risk for banks and credit unions not offering financial planning?
2:21 — Why smaller institutions have fallen behind on wealth management
3:05 — The long-term commitment wealth management actually requires
4:15 — The advisor retention problem — and why golden handcuffs matter
5:07 — Why institutional financial advising relationships appeal to privacy-conscious customers
6:35 — How LPL, Cetera, Osaic, and Ameriprise are winning the third-party race
8:00 — The natural connection between deposits and wealth management
8:54 — The $124 trillion Baby Boomer wealth transfer — and whether banks are positioned to capture it
10:52 — The emotional and behavioral complexity of intergenerational wealth transfers
11:23 — Can a robust financial advising offering intercept the wealth transfer moment?
12:55 — Unpacking customer acquisition costs in wealth management
15:39 — The crawl, walk, run playbook for standing up a wealth management program
17:04 — What should you expect to pay for a financial advisor? Real numbers from Diamond Consultants
18:27 — Mr. Beast, financial influencers, and what banks and credit unions can learn
20:26 — The compliance challenge of partnering with financial influencers
21:55 — Why hiring young advisors might be your best first move
23:28 — Using influencers as a front door to traditional institutions
24:39 — The paradigm shift in talent management banks aren't ready for
26:17 — What Tobias is watching over the next 12 to 18 months
27:31 — Last question: a bank CEO walks up to you at a bar. What do you tell her?
29:11 — Where to follow Tobias and Financial Planning magazine
Want to work with Propagate Fintech? Fill out a contact form at www.propagatefintech.com
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By Roland HowardThe $124 Trillion Opportunity Banks Are Sleeping On
$124 trillion is transferring from Baby Boomers to the next generation by 2048. And most banks and credit unions have no seat at that table. I sat down with Tobias Salinger, Chief Correspondent at Financial Planning magazine — sister publication to American Banker — to unpack the disintermediation risk, the wealth transfer opportunity, and the crawl, walk, run playbook for standing up a financial advising program.
Timestamps
0:00 — Welcome & Tobias's background at Financial Planning and American Banker
0:24 — How fintechs are chipping away at traditional banking relationships
1:03 — How serious is the disintermediation risk for banks and credit unions not offering financial planning?
2:21 — Why smaller institutions have fallen behind on wealth management
3:05 — The long-term commitment wealth management actually requires
4:15 — The advisor retention problem — and why golden handcuffs matter
5:07 — Why institutional financial advising relationships appeal to privacy-conscious customers
6:35 — How LPL, Cetera, Osaic, and Ameriprise are winning the third-party race
8:00 — The natural connection between deposits and wealth management
8:54 — The $124 trillion Baby Boomer wealth transfer — and whether banks are positioned to capture it
10:52 — The emotional and behavioral complexity of intergenerational wealth transfers
11:23 — Can a robust financial advising offering intercept the wealth transfer moment?
12:55 — Unpacking customer acquisition costs in wealth management
15:39 — The crawl, walk, run playbook for standing up a wealth management program
17:04 — What should you expect to pay for a financial advisor? Real numbers from Diamond Consultants
18:27 — Mr. Beast, financial influencers, and what banks and credit unions can learn
20:26 — The compliance challenge of partnering with financial influencers
21:55 — Why hiring young advisors might be your best first move
23:28 — Using influencers as a front door to traditional institutions
24:39 — The paradigm shift in talent management banks aren't ready for
26:17 — What Tobias is watching over the next 12 to 18 months
27:31 — Last question: a bank CEO walks up to you at a bar. What do you tell her?
29:11 — Where to follow Tobias and Financial Planning magazine
Want to work with Propagate Fintech? Fill out a contact form at www.propagatefintech.com