Individuals close to or older than 60 years own a large proportion of global wealth. With the Baby Boomer generation looking to pass on its wealth to younger generations, economists have dubbed this 20-30 year long transfer of wealth as ‘The Great Wealth Transfer’.

However, it is often said in financial circles that the first generation creates the money, the second spends it, and the third generation wastes it. How can affluent families guarantee that their assets are passed on smoothly to their offspring, ensuring that their wealth transfer continues into future generations? Here are some ways to prepare yourself for the great wealth transfer in Singapore.

Find A Competent Estate Planner

If you’re looking to handle wealth transfer, then engaging an estate planning office can be a huge help to your goals. An experienced estate planner, especially one based locally, will be highly familiar with the process of local wealth transfer. As such, they will be able to advise you on what steps to take in your planning process, including deciding on the rightful heir, and what kinds of policies they would like to engage in.

A good estate planner will also speak to you about your goals for your estate and inheritance. They will get to know your needs, lifestyle, and what your values are. This will help them to establish a high-quality plan for wealth transfer.

Invest Your Assets Wisely with a Financial Plan

A qualified estate planner will help you decide where to invest your wealth, and help you manage your estate in preparation for its inheritance. If you’re someone with little experience investing who is inheriting a large sum of money, this large sum can be overwhelming. In fact, many people end up squandering their inheritance on poor investments, frivolous purchases, or gambling it away entirely!

The best way to prepare for this Great Wealth Transfer is to plan out where you invest your money and energy, so that you’re not overwhelmed by poor decisions as a result. A good financial plan keeps track of your short and long-term financial goals, for yourself and your family. 

Get Learning

Many people who will be involved in the Great Wealth Transfer are entering financial planning for the first time. If you’re passing down your inheritance to a younger family member, chances are that they will be unfamiliar with the market and the industry. This can lead them to being taken advantage of by businesses or investments which are seeking to exploit their newly acquired wealth.

If you’re inheriting a large sum of money or giving it away, it’s in your best interest to understand exactly what that means, or how to do it well. Did you know that only 30% of Americans have a long-term financial plan? If you’re looking for great teachers, an estate planner would be a great place to start. Who knows, maybe as you learn more about the process, you’ll become able to advise others too!

For Advisors: Prepare For A Generational Shift

Like it or not, there is going to be a generational shift in the way that we think of and invest in money. Younger generations, such as the Millennial generation, think differently about money and how best to spend it. Though it was common for Boomers / Gen Xs to pursue the 5 Cs (Cash, Car, Credit Card, Condominium, Country Club membership), these things have become less relevant to the younger generations due to climate change and other shifting priorities.

As such, financial advisors themselves will have to transform their models. Gone are the days of simply helping your client create a good investment portfolio — you may now have to advise on budgeting, wise spending and financial sense. 


The Great Wealth Transfer has already begun, with parents transferring their wealth to successive generations. This means a generational shift in how we understand finances, one with vast implications for the economy, global wealth and generational spending habits.

In this situation, the most important thing you can do is be informed on your options. At Lighthouse Legacy Planners, we strive to advise you on how you can transfer your wealth to the next generation in a way that empowers you and matches your values. Contact us today for a free consultation.