The December 2024 report emphasizes that next-gen clients—millennials and Gen Z—represent a major growth opportunity for wealth management firms. Despite widespread inheritance awareness, 80% of heirs plan to leave their parents' advisor, stressing the need for early engagement. Firms targeting this segment see stronger growth in clients, assets, and revenue. Wirehouses lead the way, aided by services like banking and lending. Younger advisors are more successful in reaching these clients, often through financial education. Next-gen clients favor customized portfolios and values-based investing, while interest in cryptocurrency is declining.

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