Wednesday, November 30, 2005

Financial Advisor Magazine-Banks Work To Retain Multi-Generational Assets

Financial Advisor Magazine: "Banks Work To Retain Multi-Generational Assets
November 30, 2005

Knowing that billions of dollars are at stake, financial institutions are reaching out to affluent heirs before they march off with their inheritances.
These businesses are keenly aware of the potential losses as an estimated $45 trillion to $150 trillion in wealth is transferred in the next 50 years.
'I think it's a critical issue for the industry,' said Stephen E. Doty, managing director at The Bank of New York. 'The reality is that this money is going to the children, and many have not had a relationship with the (bank) manager.'
He added: 'It's a lot less expensive to retain what you have than to get what's new.'"

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