Don’t drop the ball: How to handle the great wealth transfer while matching core credit union values

Over the next 20 years, around $84 trillion in assets will be passed on to heirs—this has been denominated the Great Wealth Transfer. $12 trillion of this will go to charity, while the remaining $72 trillion will be handed primarily to Generation X, Millennials, and Gen Z. Needless to say, financial institutions must brace themselves for this ride.

This is especially true when inheritance is stored at a credit union. Instead of being a painless process for those grieving, inheritors are faced with mountains of paperwork and legal conditions at these institutions when they could be spending quality time to heal.

As such, it’s easy to understand why inheritors wouldn’t want to do business with an institution that still operates in the past. Other businesses have charged ahead and spent time and resources on making this process easier for them—Charles Schwab’s latest inheritance center is a major example.

Credit unions looking to welcome and retain younger members with their newly received inheritance must follow suit and prioritize providing outstanding services. Unfortunately, attracting younger customers has proven difficult as current practices lack variety, digitalization, and streamlined inheritance solutions.

 

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