Advisors Face Risk as Heirs Plan $100 Trillion Exit

继承人拟转移100万亿美元 财务顾问面临流失风险 财务顾问可能面临流失81%传承资产的风险，除非他们摒弃传统推介方式，转向以财务独立为核心、注重情感联结的团队协作式规划。 本次讨论聚焦于传统财务顾问所面临的重大客户留存危机：约81%的下一代继承人因感到被误解或忽视，计划离开父母的财务顾问。与会嘉宾强调，现代客户摒弃了过时的退休术语，更青睐“财务独立”等概念，且相比单向灌输技术性数据，他们更看重情感联结。为了保持长久竞争力，咨询机构必须采用基于团队的模式，推进沟通方式现代化，并通过量身定制的进攻或防御策略积极争取配偶及成年子女。 未来25年内将发生超过100万亿美元的史上最大规模财富转移，然而Cerulli数据显示仅有19%的继承人计划留用父母的财务顾问，传统机构面临严峻的客户留存危机。 (0:00) 顾问与客户之间存在显著的认知落差，62%的顾问认为自己经常讨论财富保障问题，但仅有27%的客户有所感知；顾问应摒弃一次性数据灌输，转向更具共情力的高频短会沟通。 (5:00) 年轻群体逐渐用“财务独立”和“工作随心选”替代传统“退休”概念；行业同时面临“信心悖论”——90%的大众富裕阶层自认能妥善覆盖退休开销，但实际仅有40%使用专业顾问且仅约三分之一拥有正式书面规划。 (10:00) 面对获客与代际转移的双重挑战，财务顾问需转向多元化团队模式，针对年轻客群主动布局基础设施，对年长客群则需提前建立与配偶及继承人的深度连接以守住资产。 (15:35)

As an estimated $100 trillion transfers between generations over the next 25 years, financial advisors face an acute retention crisis, with research indicating that four out of five heirs plan to leave their parents' advisors. Industry experts emphasize that practice durability requires shifting away from technical data dumps toward emotional connection, adopting modern terminology, and restructuring firms around team-based service models. The Intergenerational Retention Crisis (0:00) Over the next quarter-century, an unprecedented $100 trillion will pass from older generations to their heirs, according to Cerulli Associates data cited by David Blanchett. However, that same research reveals that only approximately 19% of heirs plan to remain with their parents' financial advisor. Despite assumptions that continuity would be the default path during stressful transitions, the vast majority of next-generation clients choose to leave. Brittney Castro attributes this turnover to younger clients feeling unseen, unheard, and judged by traditional advisors whom they view as out of touch. Younger cohorts expect collaborative, empowering financial relationships rather than feeling guilty about past financial decisions. Chelsea Ransom-Cooper illustrates this dynamic with an account of adult children abandoning their parents' legacy advisor after feeling dismissed in a family meeting, subsequently seeking a relatable advisor to establish an open planning dialogue. The Perception Gap in Client Communication A primary cause of client churn is a severe disconnect between what advisors believe they communicate and what clients actually hear. Data from the Alliance for Lifetime Income's Protected Retirement Income and Planning (PRIP) study shows that while 62% of advisors believe they actively discuss asset protection, only 27% of clients recall those conversations. A similar disparity appears in lifestyle planning: 70% of advisors claim to discuss how clients will spend their time in retirement, yet only 29% of clients report that such discussions occurred. Brittney Castro notes that financial decisions are deeply emotional. When advisors deliver dense presentations covering taxes, estate planning, and cash flow in single sittings, overwhelmed clients retain as little as 10% of the information. To build genuine engagement, advisors are advised to replace comprehensive data dumps with shorter, frequent check-ins focused on one or two topics. Ransom-Cooper recommends asking fundamental discovery questions, such as what wealth means to the client and what financial success looks like within an advisory relationship. The Confidence Paradox and Modern Terminology Changing demographic expectations have made traditional industry language obsolete. Younger generations increasingly reject the word "retirement," favoring concepts such as "financial independence" or a "work-optional lifestyle." Castro and Blanchett urge advisors to audit their marketing and meeting vocabularies to ensure their messaging aligns with these evolving priorities. Simultaneously, advisors must navigate what Blanchett calls a "confidence paradox." Prudential's Global Retirement Pulse Survey reveals that 90% of mass affluent Americans believe they are on track to cover their essential retirement expenses, yet only 40% work with an advisor and only about one-third have a written financial plan. While default mechanisms like target-date funds have largely automated wealth accumulation, the transition to decumulation introduces complex psychological friction. Ransom-Cooper points out that clients nearing retirement often exhibit intense emotional resistance to spending accumulated capital, underscoring the need for empathetic behavioral coaching. Adapting Practice Structures for Firm Durability (15:35) Surveys indicate that client acquisition and intergenerational wealth transfer represent the two foremost concerns for financial advisory practices. Blanchett asserts that surviving these headwinds requires distinct strategic postures based on client demographics: advisors with younger client bases should adopt an aggressive "attack mode" to build infrastructure for rising wealth, whereas those with mature books must prioritize defense by actively engaging spouses and adult heirs before wealth transitions occur. To execute these strategies, Ransom-Cooper and Blanchett advocate shifting from solo practices to multidisciplinary team models. Acknowledging that no single advisor can connect with every demographic, firms with diverse team members can more effectively establish rapport with spouses and heirs who might otherwise feel alienated. According to Ransom-Cooper, long-term trust depends less on technical credentials or investment returns and more on an advisor's emotional presence during pivotal life events. While automated tools have largely streamlined the wealth accumulation phase, advisory firms risk significant asset attrition if they fail to bridge the perception gap with next-generation investors. Long-term practice survival will depend on an advisor's ability to abandon obsolete framing, deploy multi-generational teams, and engage heirs well before intergenerational transfers occur.

在未来25年预计高达100万亿美元的代际财富转移中，财务顾问行业正面临严峻的客户流失危机，仅有19%的继承人打算留用父母的顾问。行业专家指出，顾问若要在代际更替中生存并实现长期增长，必须打破技术主导的传统沟通误区，重塑服务语言，并通过团队化协作与差异化的攻防策略建立深度信任。 传承危机与代际沟通脱节 (0:00) 根据Cerulli Associates的研究数据，未来四分之一世纪内将有超过100万亿美元的财富在代际间转移，这一历史性机遇同时伴随着巨大的存续风险。在针对继承人代际的调查中，仅有约19%的人明确表示愿意在继承财产后继续留用父母现有的财务顾问。主持人Maggie Lake指出，在涉及重压之下的复杂财务决策时，保持顾问延续性原本是最省力的路径，但年轻一代继承人却主动选择打破既有关系。 Brittney Castro与Chelsea Ransom-Cooper认为，客户大规模流失的核心在于年轻客群在传统顾问面前感到“未被看见、未被倾听且充满误解”，传统顾问甚至常被年轻一代视为脱节的“老古董”。千禧一代及更年轻的客户对财务规划的需求与婴儿潮一代截然不同，他们渴望平等且能够赋权的合作伙伴，而不是对其过往财务行为评头论足的权威长辈。实际案例表明，在父母顾问召开的家庭会议中，一旦子女产生“这不是适合我们的人”之疏离感，便会迅速另寻能够建立共鸣与平视对话的新顾问。 沟通错位与大众富裕阶层的信心悖论 财务顾问自我认知与客户真实体验之间存在显著脱节。Alliance for Lifetime Income的PRIP调查显示，62%的财务顾问认为自己经常与客户探讨资产保护，但仅有27%的客户记得此类讨论；关于退休后时间安排的讨论同样如此，70%的顾问声称经常沟通，却仅有29%的客户有同感。Chelsea Ransom-Cooper指出，顾问往往执着于在合规和技术细节上面面俱到，但在客户缺乏心理准备时，这种过度灌输会导致信息损耗。Brittney Castro进一步强调，金钱带有强烈的情感属性，顾问在单次会议中倾倒现金流、遗产规划及税务等海量数据，往往导致客户最终仅能吸收10%的内容。 与沟通脱节并存的还有广泛的“信心悖论”。Prudential全球退休脉搏调查显示，高达90%的美国大众富裕阶层认为自己能够妥善应对退休后的基本开支，然而其中仅有40%聘用了专业顾问，仅约三分之一制定了书面财务规划。David Blanchett分析认为，目标日期基金和自动加入机制虽简化了财富积累阶段，但在步入退休取款消费阶段时，客户将面临极其复杂的资金调配与强烈的心理阻力。例如，长达数十年积累财富的客户在面临提取资金时往往会产生严重的心理抗拒，这需要顾问提供高同理心的引导，而非单纯的技术测算。 话语重塑与团队协作驱动的业务韧性 (15:00) 为了弥合代际鸿沟，顾问必须更新自身的话语体系与服务方式。Brittney Castro建议顾问秉持“初心”，审查自身的营销材料与面谈话术，剔除对年轻客群带有消极或过时包袱的传统词汇。例如，“退休”一词对千禧一代和Z世代缺乏吸引力，他们更认同“财务独立”或“选择性工作的生活方式”，即出于热情而非生计需要去工作。 与此同时，行业调查显示“客户获取”与“代际财富转移”已成为顾问最担忧的两大挑战。David Blanchett与Chelsea Ransom-Cooper均强调，单一顾问试图“满足所有人的一切需求”是不切实际的，传统业务模式虽能维持短期生计，但长久发展必须依赖多元化的团队协作架构。通过组建具备不同背景和年龄层的多学科团队，机构能够更自然地与客户配偶及不同年龄段的家庭成员建立联结，并在生命周期的关键转折点提供情感陪伴，从而建立远超投资业绩的持久信任。 攻防兼备的战略定位与未来顾问形态 (16:38) 面对行业深刻演变，David Blanchett提出顾问需根据自身客群构成分类施策：对于客户群体较为年轻的机构，应开启“进攻模式”，积极搭建数字化与整体化咨询的基础设施，以捕捉其财富高速积累阶段的增长红利；而对于以老龄化、高净值客群为主的成熟机构，则必须聚焦于“防御模式”，主动将服务触角延伸至客户配偶及成年子女，防范财富代际转移时资产流出。 Maggie Lake总结认为，未来五年的财务咨询受众将展现出全然不同的面貌。单纯依靠专业资质证书或投资回报率已无法构筑核心护城河，能够保持高响应度、具备深厚同理心且服务模式敏捷的顾问，才能在万亿级的财富大转移中确立竞争优势。 本场讨论明确了财富大转移背景下顾问从单纯技术交付转向情感共鸣与团队协作的必要性，但对于中小型独立顾问机构如何在有限资源下平衡团队扩建、系统升级与多代际维护的运营成本，讨论尚未提供具操作性的财务与落地路径。

## Background 本期节目由彭博（Bloomberg Media Studios）与保德信金融集团（Prudential Financial）联合制作，于 2026 年 7 月 26 日发布于播客平台。节目简介指出，在未来数十年超过 100 万亿美元的史上最大规模代际财富传承背景下，圆桌嘉宾结合多项行业前沿调研，为新老理财顾问如何在重大历史变革中寻找下一阶段增长提供了切实建议。 ## TL;DR 节目围绕即将到来的百亿美元代际财富交接潮展开，揭示了高达 81% 的继承人倾向于解雇父母原本理财顾问的行业流失危机。嘉宾们指出传统顾问在资产保障与退休规划上与客户存在严重的认知脱节，倡导从冰冷的投资组合构建转向以人为本、“小份食粮”式的同理心沟通。针对年轻一代将传统退休重构为“自主选择工作的财务独立”这一趋势，讨论深入剖析了大众富裕阶层的财务自信差距以及资产消耗阶段的心理阵痛。最后，专家建议顾问必须保持初学者心态并打造多元化服务团队，以高共情与灵活应变迎接五年后截然不同的新一代核心客群。 ## Atmosphere & style 整场对话专业干练、洞察深刻且极具行业警醒意味，主持人和嘉宾在权威研究数据与鲜活一线案例的穿插印证中保持着高密度的思维碰撞。讨论虽直面传统理财顾问被下一代视为“老古董”的生存危机感，但整体基调务实且富有建设性，并未停留在焦虑本身，而是逐步向行为金融学与人性深层需求拆解破局之道。聆听体验如同置身于一场高规格财富战略智库的闭门研讨，既能感受到时代潮水更迭的迫切压力，又能获得清晰明确的业务重构指引。 ## Bulletin - `00:00` 未来25年跨代转移财富预计将超过100万亿美元，但Cerulli数据显示仅约19%的继承人打算继续留在父母原有的理财顾问处，超八成面临流失风险。 - `05:00` 理财顾问与客户存在严重认知脱节：62%的顾问自认为充分探讨了资产保障，但实际仅有27%的客户表示认同；退休时间规划的讨论感知差距同样高达41个百分点。 - `11:15` 保德信全球退休脉搏调查揭示“自信悖论”：约90%的大众富裕阶层确信自己能负担退休开支，但仅约40%聘请了专业顾问，且仅约三分之一制定了书面财务规划。 - `10:00` 针对新一代投资者，顾问需将沟通话语从陈旧的“退休”转变为“财务独立”与“自主选择工作的生活方式”，并采用多元化团队模式以应对代际传承冲击。 ## Key takeaways - `00:00` 代际财富转移规模达百亿美元级别，但继承人流失率高达约81%，显示传统财富管理模式正遭遇深刻危机。 - `00:00` 年轻一代将传统顾问视作缺乏共鸣的“老古董”，由于生活方式和需求长期被忽视，倾向于另寻能带来赋能感的新一代顾问。 - `05:00` 传统财富管理往往局限于单一男性户主，忽视配偶及全家庭需求，导致配偶在丈夫过世后经常迅速解雇原有顾问。 - `05:00` 顾问往往习惯单向灌输复杂专业技术细节，但客户因情绪与心理防线往往只能吸收约10%，沟通应转向高频、轻量的渐进模式。 - `05:00` 理财顾问的核心定位正由单纯“构建投资组合”转变为“助力实现人生财务目标”，需将算数模型与客户生命愿景深度结合。 - `10:00` 新一代投资者更青睐“财务独立（Financial Independence）”与“自主选择工作的生活方式（work-optional lifestyle）”，而非消极停止劳动的传统“退休”概念。 - `11:15` 大众富裕阶层存在显著的“自信差距”，虽然对负担退休生活高度乐观，但缺乏正式书面规划与专业辅导的支撑。 - `11:15` 许多客户受制于固有的金钱脚本与心理障碍，即使理性知晓财务逻辑也难以落地执行，顾问必须具备深层共情以探寻其内在动因。 - `13:16` 资产积累期可通过企业年金自动加入等默认路径解决惰性，但在步入退休阶段的“去积累”过程中，必须面对复杂的提现与心理阵痛。 - `13:16` 从数十年的财富积累突然转为提现消费，极易诱发客户的强烈焦虑，客观财务验证与情绪疏导成为顾问在此阶段的关键价值所在。 - `14:48` 理财顾问面临的首要业务挑战为客户获取，紧随其后的是代际财富转移，单一客户群服务模式已难以维持长期可持续发展。 - `14:48` 新兴业务顾问应采取“主动进攻模式”抢占年轻客户上升期，而成熟资产顾问则需通过全家庭渗透进行“积极防守保护”。 - `14:48` 顾问需要保持“初学者心态”，主动更新沟通语言与工具体系，通过多元化团队满足不同代际客户的情感与业务需求。 ## Detailed walkthrough ### `00:00` 巨额财富交接潮与客户流失危机 随着未来 25 年内预计将有超过 100 万亿美元的资产发生代际传承，理财顾问行业迎来了前所未有的机遇与挑战。财经记者 Maggie Lake 指出，当财富开始转移时，客户大概率也会随之转移；能否真正理解年轻一代对财富与退休的认知，将决定理财顾问的未来。在探讨相关数据时，来自 Prudential Financial 的退休研究主管兼 PGIM 投资组合经理 David Blanchett 援引 Cerulli Associates 的调研指出，在这场庞大的财富转移中，竟然只有约 19% 的继承人表示愿意继续留在父母原本的理财顾问那里。这一极低的留存预期暴露出传统财富管理模式正面临巨大的脱节风险。 ```mermaid flowchart LR accTitle: 财富转移与客户留存现状 accDescr: 展示100万亿美元财富转移中，仅有约19%的新生代继承人愿意保留父母理财顾问的流失现状。 subgraph S1["财富规模"] A["未来25年跨代转移<br>超100万亿美元资产"] end subgraph S2["继承意向"] B["约19%选择保留父母顾问"] C["约81%选择离开并更换顾问"] end A --> B A --> C ``` 理财规划专家 Brittney Castro 从行为金融学角度解释了背后的深层原因：新生代群体长期觉得自己被传统顾问所忽视，甚至将对方视为跟不上时代的“老古董（old dinosaur）”。年轻一代的生活方式和人生目标与婴儿潮一代大相径庭，如果顾问无法用引起共鸣的沟通方式交流，客户不仅会产生心理距离，甚至会对以往做出的财务决策感到不安，最终必然另寻能让他们感到被赋能的专家。Zenith Wealth Partners 联合创始人兼首席财务规划官 Chelsea Ransom-Cooper 也分享了一起实际案例：一个家庭带子女与原顾问会面，孩子们走出会议室后当场表示“这绝对不是我们要找的人”，随后主动寻找新一代的顾问重新进行家庭层面的财务规划。 - **核心预测数据**：据 Cerulli 报告，未来 25 年内将有超过 100 万亿美元的跨代财富转移。 - **继承人保留率**：仅约 19% 的下一代明确表示会继续聘请父母现有的理财顾问，超 80% 的客户面临流失风险。 - **痛点核心**：年轻一代（千禧一代及更年轻群体）深感自身需求未被倾听、生活方式未被理解，因而拒绝沿用父母的传统服务模式。 --- ### `05:00` 认知脱节与向“以人为本”咨询模式的演进 行业内长期存在顾问与客户之间的巨大认知鸿沟。David Blanchett 强调，传统模式往往以单一男性户主为中心，忽视了整个家庭结构，而男女客户对财务优先级的看法截然不同——女性通常更加看重财富保护与确定性。根据 Alliance for Lifetime Income 的受保护退休收入与规划（PRIP）研究，有 62% 的理财顾问自认为与客户深入探讨了“保障（Protection）”议题，然而只有 27% 的客户认同这一点。这种沟通盲区不仅导致高达八成的继承人流失，甚至在现实中经常出现客户配偶在丈夫去世后立即解雇原有顾问的现象，原因在于遗孀在过去的合作中感到自己从未被正视。 Chelsea Ransom-Cooper 与 Brittney Castro 进一步剖析了信息传达的障碍。很多顾问受专业训练所限，习惯在一次会议里单向灌输现金流、税务规划、退休与遗产等所有技术细节；然而金钱本质上是高度情绪化的，客户受到自身经历与心理防线的过滤，走出会场时往往只能吸收 10% 的内容。对此，顾问应化繁为简，将内容拆解为精简的“小份食粮（bite-sized pieces）”，增加开会频次并聚焦单一主题。David Blanchett 与 Chelsea 均指出，理财顾问的价值定位正从“构建投资组合”转向“助力实现人生财务目标”，顾问必须善用情商，将精算表格与客户的生命愿景相链接。 在破局建议上，Chelsea 建议顾问在建立关系初期必须提出两个关键问题： 1. “对你而言，财富究竟意味着什么？”（What does wealth mean to you?） 2. “在与理财顾问的合作关系中，什么样的结果才算财务成功？”（What does financial success look like in having a relationship with a financial advisor?） 此外，类似的认知落差在退休生活规划上也极为严峻：Alliance for Lifetime Income 的报告显示，70% 的理财顾问坚信自己经常和客户探讨退休后如何安排日常时间，但仅有 29% 的客户表示有过这类对话。许多职场人长期急于摆脱“朝九晚五”和激烈的职场内卷，却未曾真正思考退出职场后的生活重心与身份认同，这正是顾问需要用行为金融与同理心深入介入的空白地带。 - **保障认知脱节**：62% 的顾问认为自己讨论了资产保障，但实际仅有 27% 的客户感受到这一讨论。 - **退休时间规划认知差**：70% 的顾问称经常讨论退休后如何分配时间，而认可这一点的客户仅占 29%。 - **沟通策略改进**：放弃单次会议的数据轰炸，转为高频、聚焦单个议题的渐进式沟通，引入行为辅导视角以促成客户认同与口碑推荐。 ### `10:00` 重新定义“退休”：从终点走向“自主选择工作”的财务独立 探讨人生后期阶段时，嘉宾们深入分析了客户对人生意义与价值实现的追求。理财规划不仅仅是冰冷的数字测算，更需要将客户的核心价值观映射到整体财务蓝图当中。针对传统的“退休（Retirement）”一词，嘉宾指出该词汇伴随着许多陈旧甚至消极的刻板印象——比如整天打高尔夫球或无所事事地度假。相比之下，“财务独立（Financial Independence）”是一个更具吸引力和建设性的表述。与其询问客户“什么时候退休”，不如问他们：“如果你已经实现了财务独立，你打算如何度过自己的时间？如果不为了生计必须工作，你想做什么？” 这一语言转变对财务顾问与年轻一代（如千禧一代及更年轻群体）的沟通至关重要。年轻一代普遍反感完全脱离社会劳动的传统退休构想，他们更渴望寻找热爱的事业，并在实现财务自由的同时保持创造力。对于许多第一代财富积累者（first-generation wealth builders）而言，他们推崇的核心概念是“自主选择工作的生活方式（work-optional lifestyle）”——工作是出于热情与自我选择，而非出于经济胁迫与生计压力。他们所锚定的财务目标数字，本质上是为生活换取从容的内心平静与自主弹性。 ```mermaid flowchart LR accTitle: 传统退休观与新一代财务独立观对比 accDescr: 对比传统退休与以千禧一代为代表的新一代财务独立生活方式的差异 subgraph Traditional["传统观念"] A["传统退休 (Retirement)"] --> B["停止工作 / 退出职场"] B --> C["消极休闲 / 缺乏目标感"] end subgraph Modern["新一代观念"] D["财务独立 (FI)"] --> E["自主选择工作 (Work-Optional)"] E --> F["追寻热情 / 价值驱动与内心平静"] end ``` ### `11:15` 财务自信差距：主客观脱节与执行层面的情感阻碍 保德信金融集团（Prudential Financial）的研究揭示了一个引人深思的现象——“自信差距（Confidence Gap）”或称“自信悖论”。人们往往无法对自己当前的真实财务状况和应采取的行动做出客观准确的评估，主观认知与客观现实之间存在严重断层。根据保德信最新的《全球退休脉搏调查》（Global Retirement Pulse Survey）： - 约 90% 的大众富裕阶层（mass affluent）美国人认为自己完全有能力承担退休后的基本生活开支； - 然而，其中仅有约 40% 的人聘请了专业理财顾问； - 仅有约三分之一（约 33%）的人制定了正式的书面财务规划。 这种“在没有切实规划的情况下却高度自信”的反差，根源在于人们与金钱之间复杂的心理与情绪机制。理财绝非纯粹的理性计算，人们往往背负着从父母、家庭、学校及社会习得的观念框架与金钱脚本（money scripts）。许多人即使在理性上清楚该做什么、查阅了大量资料，甚至做好了完美的规划，但在行为层面上依然无法落地执行。很多客户往往是因为外界舆论或社会义务感来到理财顾问面前，内心深处其实尚未准备好直面并处理自身的财务状况。如果客户自身没有厘清内心真正的行动动机（"internal why"），任何外部规划都难以推进。这要求顾问不仅要带来专业的财务知识，更需具备深层共情能力，与客户共同探寻其奋斗背后的本质诉求。 ### `13:16` 从积累到支取：资产消耗阶段的决策阵痛与顾问价值 现代行为金融学（Behavioral Finance）在财富积累阶段已经通过制度设计在很大程度上解决了人性的惰性问题。例如，企业年金的自动加入（automatic enrollment）、默认储蓄率（default savings rates）以及目标日期基金（target-date funds）等机制，使投资者即便缺乏深厚的金融知识，也能沿着阻力最小的默认路径稳步积累财富。 然而，随着客户步入临近退休及实际退休阶段，情况发生了根本性逆转——资产积累机制不再能被动依赖默认设置，客户必须主动做出密集的分配与支取决策。此时，知识盲区与情绪阻力集中爆发，理财顾问的不可替代性随之显现： - **从存钱到花钱的心理关卡**：顾问分享了真实案例，一位离退休仅剩两年的客户，在得知必须开始从账户中取钱生活时陷入了极大的焦虑。过去数十年里，他们倾注心血看着账户数字年复一年增长，而“卖出资产、提现消费”的举动在心理上极难接受。 - **情绪疏导与客观验证**：即便严谨的财务模型测算证实其资产足以覆盖余生，顾问仍需组织多次深入沟通，耐心化解客户对资金消耗的恐惧与心理阻滞。 - **专业护航防范决策失误**：在去积累（decumulation）阶段，不作为或做出错误的提款策略都会造成不可逆的财务损伤，专业顾问正是客户在面对复杂抉择时至关重要的定海神针。 ### `14:48` 面向未来的行动指南：初学者心态与业务团队化重塑 面对技术革新、AI浪潮以及翻天覆地的代际财富转移，理财顾问若想在行业中保持长期竞争力，必须在当下的日常运营中做出针对性变革： - **保持开放的“初学者心态”（Beginner's Mindset）**：不论从业资历与年龄大小，技术工具与客户环境的变化要求顾问具备持续学习的意愿。下周即可着手自查业务实践，审视现有沟通话语体系是否滞后；在营销材料和客户会谈中，尝试将“退休”替换为“财务独立”，用下一代客户听得懂且认同的语言与之建立共鸣。 - **应对核心业务挑战**：行业调查显示，理财顾问目前面临的最大挑战首推“客户获取（client acquisition）”，紧随其后的便是“代际财富转移（intergenerational transfers）”。依赖服务特定老派客群的单一模式或许还能维持数年，但无法保障长远生存。 - **推行多元化团队作战模式**：单打独斗的顾问无法做到面面俱到。通过建立专业化、多元化的服务团队，团队成员可以针对性地对接不同代际、不同文化背景的家庭成员。信任的建立不仅依赖专业证书和亮眼的投资业绩，更取决于关键时刻的情感陪伴与深度连接。 对于不同发展阶段的理财顾问，现场给出了明确的应对策略矩阵： | 顾问业务阶段 | 核心任务 | 具体战略行动 | |:--- |:--- |:--- | | **年轻客群为主 / 新兴业务** | 主动进攻模式（Attack Mode） | 全力搭建面向下一代投资者的服务基础设施，在客户财富迅速膨胀的上升期提前卡位。 | | **高净值老客群为主 / 成熟资产簿** | 积极防守保护（Active Protection） | 深度渗透客户家庭网络，主动与客户的配偶及年轻一代继承人建立实质沟通，防止资产在代际继承时流失。 | 节目最后，主持人 Maggie Lake 总结指出：五年后的核心客户群体极大概率不再是顾问现有的这批客户。理财顾问必须敏锐感知这一趋势，做好迎接新一代投资者的准备——而这个新群体所寻找的，正是随时响应（available）、高度共情（empathetic）且灵活应变（adaptable）的专业顾问与机构。 ## Notable quotes > `00:00` 当财富开始转移时，客户大概率也会随之转移；能否真正理解年轻一代对财富与退休的认知，将决定理财顾问的未来。 — Maggie Lake > `00:00` 在这场庞大的财富转移中，竟然只有约 19% 的继承人表示愿意继续留在父母原本的理财顾问那里。 — David Blanchett > `00:00` 这绝对不是我们要找的人 — Chelsea Ransom-Cooper > `05:00` 对你而言，财富究竟意味着什么？ — Chelsea Ransom-Cooper > `05:00` 在与理财顾问的合作关系中，什么样的结果才算财务成功？ — Chelsea Ransom-Cooper > `10:00` 如果你已经实现了财务独立，你打算如何度过自己的时间？如果不为了生计必须工作，你想做什么？ > `10:00` 工作是出于热情与自我选择，而非出于经济胁迫与生计压力。 > `13:16` 在去积累阶段，不作为或做出错误的提款策略都会造成不可逆的财务损伤，专业顾问正是客户在面对复杂抉择时至关重要的定海神针。 > `14:48` 五年后的核心客户群体极大概率不再是顾问现有的这批客户。理财顾问必须敏锐感知这一趋势，做好迎接新一代投资者的准备——而这个新群体所寻找的，正是随时响应、高度共情且灵活应变的专业顾问与机构。 — Maggie Lake ## Mentioned Maggie Lake, David Blanchett, Brittney Castro, Chelsea Ransom-Cooper, Bloomberg Media Studios, 保德信金融集团 (Prudential Financial), PGIM, Zenith Wealth Partners, Cerulli Associates, 终身收入联盟 (Alliance for Lifetime Income), 全球退休脉搏调查 (Global Retirement Pulse Survey), 受保护退休收入与规划研究 (Protected Retirement Income and Planning Study) ## Video description <p>Over the next two decades, more than $100 trillion will change hands in the greatest wealth transfer in history. This is a massive opportunity for financial advisors, both new and established. This conversation provides detailed, research-backed information and practical advice for financial advisors who are considering their next move. Produced by Bloomberg Media Studios and Prudential Financial, this roundtable discussion provides clear and honest perspectives on the changes that are coming.</p> <p><br>Guests on the show include:<br>David Blanchett, Head of Retirement Research with Prudential Financial, and Portfolio Manager with PGIM<br>Brittney Castro, CFP, AAMS, CRPC, Financial Expert and Speaker<br>Chelsea Ransom-Cooper, Co-Founder and Chief Financial Planning Officer with Zenith Wealth Partners<br>Maggie Lake, Financial Journalist</p> <p><br>Research sources:<br>Cerulli Associates: U.S. High-Net-Worth and Ultra-High-Net-Worth Markets, 2024<br>Cerulli Associates: The Cerulli Edge, U.S. Retail Investor, 2023<br>Alliance for Lifetime Income: Protected Retirement Income and Planning Study, 2024<br>Prudential Communications: Global Retirement Pulse Survey, 2025</p> <p><br>For more about this series visit us at:<br>https://sponsored.bloomberg.com/media/prudential/the-great-client-transfer&nbsp;</p><p>See <a href="https://omnystudio.com/listener">omnystudio.com/listener</a> for privacy information.</p> [Source](https://podtrac.com/pts/redirect.mp3/tracking.swap.fm/track/UVBrz8bN8aM2Xe47PEPu/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/8a94442e-5a74-4fa2-8b8d-ae27003a8d6b/6027c695-2425-4510-bd41-b491014d8b7a/audio.mp3?in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

[0:00] Maggie Lake: 当财富开始转移时，客户大概率也会随之转移；能否真正理解年轻一代对财富与退休的认知，将决定理财顾问的未来。 [0:00] David Blanchett: 在这场庞大的财富转移中，竟然只有约 19% 的继承人表示愿意继续留在父母原本的理财顾问那里。 [0:00] Chelsea Ransom-Cooper: 这绝对不是我们要找的人 [5:00] Chelsea Ransom-Cooper: 对你而言，财富究竟意味着什么？ [5:00] Chelsea Ransom-Cooper: 在与理财顾问的合作关系中，什么样的结果才算财务成功？ [10:00] 如果你已经实现了财务独立，你打算如何度过自己的时间？如果不为了生计必须工作，你想做什么？ [10:00] 工作是出于热情与自我选择，而非出于经济胁迫与生计压力。 [13:16] 在去积累阶段，不作为或做出错误的提款策略都会造成不可逆的财务损伤，专业顾问正是客户在面对复杂抉择时至关重要的定海神针。 [14:48] Maggie Lake: 五年后的核心客户群体极大概率不再是顾问现有的这批客户。理财顾问必须敏锐感知这一趋势，做好迎接新一代投资者的准备——而这个新群体所寻找的，正是随时响应、高度共情且灵活应变的专业顾问与机构。

[0:00] Brittney Castro: old dinosaurs [0:00] Chelsea Ransom-Cooper: not our guy [5:00] Chelsea Ransom-Cooper: dotting I's and crossing T's [5:00] Brittney Castro: building portfolios [5:00] Brittney Castro: helping clients achieve holistic financial goals [5:00] Chelsea Ransom-Cooper: What does wealth mean to you? [5:00] Chelsea Ransom-Cooper: What does financial success look like in having a relationship with a financial advisor? [10:00] Brittney Castro: financial independence [10:00] Brittney Castro: work-optional lifestyle [10:00] David Blanchett: confidence paradox [15:00] Brittney Castro: beginner's mindset [16:15] Chelsea Ransom-Cooper: everything to everyone [16:38] David Blanchett: attack mode

[0:00] Because you're a subscriber to this Bloomberg podcast, we thought you'd be interested in a sponsored podcast called The Great Client Transfer, produced by Prudential and Bloomberg Media Studios. Here's a recent episode. Welcome to The Great Client Transfer. If you're a financial advisor, I'm sure you've heard about and thought about The Great Wealth Transfer. This is an inflection point where there's a huge opportunity to try to solidify a new generation of clients. However, when the money moves, there's a very good chance your clients will move too. Demonstrating true understanding of how this new generation thinks about wealth and retirement will be essential. Today, we'll discuss the data behind the wealth transfer and how financial advisors can make the most of this moment. I'm Maggie Lake, a financial journalist, and I've heard experts opine on this issue for years. but today I want to boil it down to some hard facts and actionable ideas. To do that, I've put together a fantastic panel. We have Chelsea Ransom Cooper, a financial advisor with Zenith Wealth Partners, who's actively working to retain current clients and attract new ones. Brittany Castro a financial planner will offer a behavioral finance perspective for our conversation She here to decode the why behind a lot of client actions we been seeing And we have David Blanchett, the head of retirement research for Prudential Financial and Portfolio Manager at PGEM. So welcome, everybody. It's wonderful to have you here in person. Thank you for having us. Yeah, great to be here. This is a really important topic, so I think we're going to have some fun and hopefully give some people some stuff to learn about. David, Prudential has done a lot of research on this great wealth transfer. What's the research telling you? I mean, it's a really big number, right? According to a Cerule report, over $100 trillion that's estimated to be transferred to generations in the next 25 years. So, I mean, we're talking about just this tremendous opportunity and this risk, because if you look at people when they're asked, like, are you going to stick with your parents' advisor? only about 19-ish percent say they're going to stay with their advisor going forward. So I think that what this creates is just this question like, how are you preparing as an advisor to meet this new possible demand? That's a shockingly low number, I think. I was not expecting to hear that. Brittany you focus on the behavioral part of finance Why Why is that number so low Why do people feel like they have to make a change Well I think for so long they feel unheard or unseen by the financial advisor especially in this scenario where it's the next generation. They probably are looking at that advisor as like, no offense, but old dinosaur. Like they're not talking to me in a way that makes sense. They're not like relating to me where I'm at, with my goals, with my different lifestyle. I mean, planning is a lot different for millennials and younger than it is for the baby boomer generation. So if they're feeling unheard, unseen, uncomfortable asking questions of the person that they're supposed to hire as their professional, of course they're going to leave and find somebody who is more relatable, who can help them where they're at, help them feel empowered, not feel bad about the decisions they've been making with their money up until that point. And I find it surprising because it's a big important thing. It can be stressful. So you would think continuity would be the easy path, the path of least resistance, but they're blowing it up and saying, I want something different. I want to find a change. Are you seeing that? Absolutely. I'm seeing it with a lot of the clients that are even coming to us right now. So I worked with a family who was going through the similar situation and as they were planning for their wealth transfer to their children the children met that advisor And when they walked out of that meeting they're like, this is not our guy. This is not our person. It felt like a dinosaur to Brittany's point. And they wanted somebody that could actually understand where they were coming from based on where they were in their life as millennials. So I think that's the element where they decided to look for somebody on their own, and then start to have family conversations with this newer advisor, a.k.a. me, instead of that traditional advisor. This has to be a tough statistic for some to hear because I certainly know when I talk to people who work so hard trying to grow their net assets and have something to leave for the next generation, they've worked so hard. They want to protect their life's work and they want to make sure that it is able to transfer in a seamless way. But now we hear this, there's this big disruption. So I think that for better, for us a lot of times when we're talking about portfolios and financial advising, we're not focusing on households. We're focusing on individuals and perceptions of what matters really differ across men and women. I think women are much more interested in things like protection, but if you look at surveys out there, there's these huge gaps that exist in terms of what advisors think they're doing for their clients and what people actually report. Of course, [5:00] According to an Alliance for Lifetime Income P.R.I.P. study, 62% of advisors think they're talking about protection with their clients. Only 27% do. And so I think it requires being intentional and understanding where your strengths and weaknesses are. Because if you don't have a plan to how to engage the spouse, the next generation, you're going to be part of that 80%, not the 20%. And I've heard it so many times in my career where women would leave the financial advisor after the husband died or passed away because they didn't feel seen or heard that entire relationship. And so while the advisor thought it was a successful relationship, the client immediately when she had the chance, she left. Chelsea, this is interesting because you're on the front line on this. Is it that the advisors are not talking about it or that the clients aren't hearing everything they're saying? I think it's a bit of both because I think as advisors, we're taught a way on how to deliver advice and how to have conversations with individuals to make sure that we're, you know, dotting all our I's and crossing our T's when it comes to retirement planning. estate planning and protection. But if they're not receiving it because they are just not prepared for that conversation or they're not ready, well then we're missing each other. And I think that something pretty common where we doing something because we know this is important to have this conversation but maybe they not ready to receive it yet It a huge problem And I think for financial advisors when they start to realize the value that they bring to clients is more about helping that client make decisions, helping them feel empowered with their money, excited, confident, versus putting the data in front of them. They'll say everything in one meeting, go over cashflow, tax planning, retirement planning, state planning, all of it. But it is so much information. And remember, money is emotional. So what I retain in a meeting, even if you told me everything, I'm filtering through my own history, my own emotions, behaviors, mindsets with money. So maybe I walk out of that meeting only hearing 10% of what Chelsea told me. That's a problem. So what advisors can do to help combat that is also just deliver it in short forms. So we have to remember that as financial advisors, give clients information in bite-sized pieces, have more meetings more regularly, talk about only one or two things at each meeting. That's going to help the client so much more than trying to dump everything in one meeting. Right. So, I mean, I'm an investment guy. I love me a good portfolio. But a portfolio is one very small component of achieving a financial goal. I think what we seeing is this evolution in our profession away from advisors defining their value propositions I build portfolios to I help you accomplish your financial goals And that retirement That everything And to me, like that should have always been the focus, but it hasn't been. And it does require advisors to think about how are they going to rise to the occasion and do this. How do you see that? How do you deal with that? I absolutely see it, especially as I'm training the newer advisors on our team as well, because there's so much pride when you build that financial plan, right? And you have all your pages and you know all the math works and you show it to them and the client is just not as excited as you are. And it's like, why are they not as excited? It's like, they're not emotionally connected to all of this data you're putting in front of them. So you have to find a way to tie it to their values and what's important to them. But I also encourage advisors to ask two really important questions. The first one is, what does wealth mean to you? So when they talk to a new client and they're starting to build that rapport, really understand their relationship with money and what wealth truly means to them. But also, what does financial success look like in having a relationship with a financial advisor? And I think financial advisors have to be willing to go to that place with clients which is more emotional intelligence versus just data And so even having that open mindset like David was saying there things you could do You can learn skills to talk to your clients in a different format Like there financial coaches or bring in a financial coach if you don know how to have these conversations But being that holistic, you know, it's more than just numbers. It's their life. It's their dreams. It's their family. It's like what they care about most. And like Chelsea was saying, when you connect those two, they're going to be so much more motivated to, one, implement, but then, two, sing your praises and you'll probably get a lot more referrals. And that story may be different than the original client. We talk about gaps. According to the Alliance for Lifetime Income peer report, 70% of advisors say they frequently discuss how their clients are going to spend their time in retirement. But clients report only 29% have those conversations. Right. So, like, I mean, retirement's about a lot more than money. And I think if you're not talking about how you're going to fill your time, how you're going to structure what you have to maximize that time, you're not doing the best job you could. And I think it's a hard conversation for a lot of individuals to have to really think about that behavioral component of what are you going to do in retirement and what's next. And I think sometimes clients are so eager to work towards that goal where they can get out of that nine to five or quit the corporate rat race that they're not actually [10:00] thinking about what are they going to do in that time so they still feel fulfilled in all the other elements of their life. But I think those are the core pieces that we need to focus on to make sure that their values are mapped to their financial plan in that roadmap. I don't love the word retirement because I think it has negative baggage. I like the word financial independence. You know, like think about if you were to be financial independent, like how would you spend your time? Like I like that question more because I just like, maybe it's just me, but I have like like people golfing or going on. I don't know that, like imagine when you don't have to work, what would you do? I think that's a better way to think about the end of life stage versus quote unquote retirement. I think that's also a great point too, for financial advisors to start to pay attention to the language they're using with clients, because I agree, like the next gen millennials and below are not thinking about retirement. We're thinking about, well, let's find something that we enjoy, that we can have financial independence, yes, but even the idea of stopping working seems kind of like very odd. And that's exactly what a lot of my clients talk about because they are first generation wealth builders. And the term they'll use is a work optional lifestyle where they're working for their passion because they choose to and not because they feel obligated to And that really the number that they working towards is where they have that peace and that flexibility in their life David the other thing that Prudential research has touched on is a confidence gap. What do you mean by that? What does that mean? Yeah, I mean, you know, you could call it a gap or a paradox. You know, there's this like people don't always have the best assessment of where they are financially, what they should be doing. There are large gaps in what you'd call like subjective and objective knowledge when it comes to finances. According to Prudential's latest Pulse survey, about 90% of mass affluent Americans think that they're on track to cover their essential expenses in retirement. But only about 40% of people have an advisor, only about a third have a financial plan. So there's kind of this misalignment from where folks think that they're in a really good spot, but the data might suggest otherwise. Brittany, can you help us make sense of that? How can you be confident and have no plan at the same time. Those two things seem like they would be polar opposites. I think a lot of people have this with their money. They might know what to do. They might think they know what to do. They might research everything, what to do, but they don't actually do it. And that is for many reasons. I think money, like I said earlier, is super emotional for people So there a lot of concepts a lot of mindsets a lot of scripts that we inherit from parents from family society school and to really get clear that yes you can have a crystal clear plan in place, but that doesn't mean you're actually going to implement or behave in that manner with your money. So oftentimes when I work with clients, sometimes they'll come to us because they feel obligated because this is the thing to do. I know I should talk about my finances. is I know I should have an advisor. But deep in their soul, they're really not at that place yet where they're ready to do the work or actually engage in taking care of their finances. And that is okay, that maybe that's not their moment yet. But it's really hard to work with somebody if they haven't reached that phase and they know what their internal why is. So I think there's an element of it as advisors, we need to do the work to make sure that we're bringing the knowledge and the empathy to the table. But I think clients also need to internally know their why too of what they're building, why they're building towards these goals so that it can really be a really good partnership. You know, I think what we often overlook is that like we've kind of solved inertia for people in accumulation where now we have defaults, you know, talk about behavioral finance, like, you know, automatic enrollment, default savings rates, you know, targeted funds, all these things make the default path easiest As you get closer to retirement like you have to start making decisions Right And so I think that where advisors are so valuable because like you can not make decisions or you make the wrong ones And so all of a sudden you know like this this, this knowledge gap, well, like we're kind of creating an environment where you don't have to be very knowledgeable to build wealth, but then how do you, you know, how do you then figure out how to accumulate that? That's an entirely different skillset. I actually was talking to a client recently where they're about two years out from retirement and just the thought of pulling money out of that account where they've worked so hard to see it grow every single year. And now the element that we are pulling money out so that they can live off of, it was a tough conversation. We had to have an in-depth meeting about like that feeling and why there is so much hesitation around this when we had run the plan and the analysis that they were okay. So I think those are the elements of having somebody in your corner. It's just so important, the work that we do as advisors. They need more help than they often realize. So what should financial advisors be thinking about doing next week? How can they make the change? What do those changes look like? One, have an open mindset. I think learning is something that you have to constantly be willing to do no matter what age you are. And that's just because of the world we live in with technology, AI, it's constantly changing things. [15:00] to have that open beginner's mindset. And for a financial advisor, if they go next week, look at their practice, look at how they're communicating currently with their ideal clientele, maybe start to identify, are there just terminology gaps? Like instead of saying retirement, should we start saying financial independence in our marketing and in our meetings with clients? I think these are the elements where if we're missing people consistently, they're looking for somebody that is using the same language that they're using, but understands the trajectory that they're trying to go. and can meet them on that path. So you have an audience of financial advisors listening. Some are earlier in their career. Some have a very well-established book of business with well-heeled clients. What should they know? You know, so if you look at surveys of financial advisors in terms of, you know, threats that they perceive or challenges, client acquisition is first, followed by intergenerational transfers. And so they're kind of acutely aware that they need to get more business and they need to retain the business they've got. If you've built a business doing something for a certain subset, I think there's a really good chance that that might work for a few more years. But to be long-term durable, you have to be able to meet with the next generation. You've got to have different paths to offer services. I think that requires like a team model and just doing more than what we've seen. I think there's been a really exciting evolution of our industry over the last at least two decades in terms of being more holistic, more advice. I think that has to continue. And it's easier more now than ever given the tools we're seeing being created. Yeah I heard you say yes emphatically And I think the team approach is so crucial because we can be everything to everyone And that naive to assume that But we want to make sure that we able to add the right people on our team to make sure that we can connect with different individuals. So I always say, you know, trust is earned. And it's not just your credentials or the performance you're able to get a client, but it's really being there in those moments and having people on your team that can connect with other members of their family or different groups that you just may not be able to connect with. I mean, I think it's important to just acknowledge where you are on that spectrum, right? If you've got a bunch of younger clients, like you should be in attack mode, right? You should build the infrastructure to engage the next generation to get these clients as they gain wealth. If you have an older, larger book of business, how are you actively protecting it? What are you doing to make connections to the spouses, to the next generation, to ensure that when things happen, you're positioned to actually maintain those assets? to bring it all together the world that financial advisors work in is changing in a couple of key ways the people who will be their clients in five years probably aren't their clients today they need to be ready and receptive to this new group of investors and this new cohort wants an advisor that's available empathetic and adaptable if that describes you and your firm then you're in good shape moving forward. Thank you to David, Brittany, and Chelsea for being with me today. Thank you to Bloomberg Media Studios and Prudential for producing and sponsoring this episode. I'm Maggie Lake. Thanks so much for joining us.