Must Think Of Wealth Transfers Differently: Zentner

Summary

Ellen Zentner, chief economic strategist and global head of thematic and macro investing at Morgan Stanley Wealth Management, joins Scarlet Fu to discuss how longer lifespans and a massive wealth transfer are reshaping financial planning. She argues that families may need to pass wealth earlier, that homeownership remains the primary U.S. wealth-creation channel, and that women will receive a large share of the coming transfer and tend to favor impact investing. She also notes millennials have caught up to prior generations in wealth terms, partly due to stock market gains.

• Longer lifespans mean people may inherit later, changing wealth-transfer planning.
• Homeownership remains the main source of U.S. wealth creation, but many younger people are shut out.
• Wealth transfer may need to happen earlier to help the next generation buy homes.
• More than $50 trillion of the coming wealth transfer is expected to go to women first.
• Women are more likely to engage in philanthropy and impact investing.
• Millennials are now better off than baby boomers were at the same age, partly due to stock market gains.
• Older adults may not necessarily drive the economy because generations spend differently.