The wealth set to move between generations over the next twenty years is staggering: somewhere between $84 and $120 trillion, according to industry estimates, with the transfer expected to peak around 2026. Michael Gold, founder and chief executive of Gold Family Wealth in Westport, Connecticut, has built part of his practice around a simple observation: the advisors currently managing that wealth often don’t look, sound, or communicate like the heirs who will eventually inherit it.
Gold’s response has been to build what he calls multigenerational teams, pairing experienced advisors with younger staff who can bridge the cultural and communication gap separating Baby Boomer and Gen X clients from Millennial and Gen Z heirs. The goal, Michael Gold Westport explains, is continuity. Families that have spent decades building a relationship with one advisor don’t want that relationship to end, or restart from scratch, the moment wealth passes to the next generation.
Bridging a Generational Gap
This approach fits into a broader philosophy Gold calls anticipatory judgment, the idea that families do best when an advisor identifies coming decisions well before they force a choice. Rather than waiting for a wealth transfer to happen and then scrambling to build trust with a new generation of clients, Michael Gold works to establish that relationship years in advance.
Nearly half of all financial advisors plan to retire by 2035, a wave of departures that Gold argues will make this kind of succession planning, both for client relationships and for the advisory firms themselves, increasingly important. Families that have relied on a single advisor for decades, he says, deserve confidence that the next generation of both their family and their advisory team will be ready when the transition finally arrives. Gold sees this as part of the same discipline that runs through the rest of his Westport practice, where the goal is always to prepare for the next decision long before it forces anyone’s hand. Visit this page for additional information.
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