Here She Comes

NextChapter is focused on the next chapter of financial industry growth – and you’re looking at her.?According to our resident leader, Suzanne Schmitt , the opportunity is to engage with the mostly unengaged family of the (mostly male) clients. 74% of investable assets are transitioning from the Silent Gen and Boomers to Gen X and Millennials. But don’t wait for the assets – decisions about those assets and the lifestyle of their owners are already top of mind to other family members. Read more here.

Suzanne’s design prototype for our work in The Family Conversation recognizes both the rise of the unengaged spouse/partner as well as the dynamic between Gen1 and Gen2 (and Gen3 as in our design target). Gen1 is confronting the reality of aging – beyond the more fun phase of “retirement” – and Gen2 in increasingly managing the implications, while learning on the job about the importance of planning and preparation. And Gen3 is watching.?Savvy advisors and their firms are using the education of Gen2 as an opportunity to both support the younger family members with their parents, and initiate planning and protection strategies for the whole family. Gen X and the older Millennials are now in their 40s and 50s – prime time for positioning solutions to complement investment portfolios. Extensive industry research also finds receptivity among Gen X and Millennials to products that provide predictable retirement income and help shelter them from financial shocks.?What’s next for NextChapter: stay tuned for more about our NextGen X NextChapter plans, including the upcoming launch of a new long-term care capability and an updated version of our work with The Moments That Matter. NextChapter will be the leader in helping the financial advice industry lean into the challenges and opportunities of longevity.?Read more about Moments here ?

NextGen Engagement:? Who You Gonna Call?

The picture says it all – advisory practices tend to be overweight with those Boomer and Silent Gen clients. In this book, Gen2 is not yet a meaningful contributor, making the forward path for this practice more in doubt. With the overall wealth management industry suffering from net outflows – due primarily to the aging clientele – ownership and leadership of wealth management firms need to prioritize Gen2 engagement. Call NextChapter – or email [email protected]

Advisorpedia is enabling content as an active engagement?strategy.

Gen2 is clearly seeking information from trusted third party sources and users are spending more time on the site and looking at an average of four pages. New content efforts include Centers of Excellence for Alternative Investments and ETFs – both with industry leaders as initial sponsors. ? Companies are experiencing success in finding new audiences for their content across Advisorpedia and are receiving targeted, verified leads from people who are engaging with that content. ? See more about Advisorpedia here . For more information about Advisorpedia digital engagement tools and rates, contact Douglas Heikkinen at [email protected]

Alliance for Lifetime Income NextGen

The annuity industry had its best sales year ever in 2023, and 2024 is off to a faster start. But for all the relative success, protected income remains an unfulfilled objective of too many consumers. 2024 is Peak65a, the year more Americans turn 65 than any other. ? The Alliance kicked off its own nextgen of growth with new economic research and a strong program held at The National Press Club in Washington, DC on April 18. CEO Jean Statler welcomed a local group including IRI CEO Wayne Chopus (both are NextChapter board members) and a remote audience including industry press. Industry CEOs provided their perspective, including Ellen Cooper of Lincoln Financial, Caroline Feeney of Prudential and Bryan Pinsky of Corebridge. ? Read more here .

Gresham and the Investments & Wealth Institute:

The Exceptional Advisor Podcast with Bob Powell: The Retirement Wake-Up Call is Here ?

The Family Financial Conversation on Advisorpedia Passing the Torch: Advising Successor Decision-Makers with Suzanne Schmitt & Tom West ?

Jack Sharry, et al on Organic Growth, April Financial Advisor ?

BlackRock Launches LifePath Paycheck?

Congratulations to Anne Ackerley and her team for the funding of LPP. This innovation of retirement income pairs the hands’ off approach of an asset allocation fund with the ability for the retirement plan participant to annuitize their investment with protected income options. Effectively offering to facilitate the transfer of assets away from BlackRock in support of the consumer’s preference for safety in retirement, BLK is setting a new standard of care for investment managers.?Kudos also to Anne for once again being named one of the Top 100 Women in Finance, and for her new position as a director of Northwestern Mutual.?

Happy 90th Birthday Phyllis Gresham!?And talk about “next chapters” – my mother celebrated 90 years as a community leader in public health and local politics, as well as heading efforts to replant Sanibel Island and protect wildlife. She took some time out to provide her perspective on aging and caregiving :

On behalf of the team,Steve Gresham

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