Over the next 25 years, New Zealand will undergo the largest intergenerational wealth transfer in its history between $1 trillion and $1.6 trillion in assets moving from baby boomers to their kids and grandkids.
But here's the problem: as lawyer Andrew Clements puts it, we're approaching this tsunami with \"all the sophistication of a kids' game of pin the tail on a donkey.\"
In this conversation, Andrew breaks down:
- Why 90% of family wealth is lost by the third generation (and how to beat those odds)
- The three types of kids: rising, entitled, and disempowered (and which ones you're raising)
- Why most Kiwis don't have wills (and what happens when you die without one)
- The coming crisis in farming and family businesses as owners hit retirement
- How ultra-wealthy families stay wealthy for generations (and what we can learn)
- Why trusts are still essential tools, not just fashion accessories
- The family conversations most Kiwis are too scared to have
If you're a business owner, parent, or anyone with assets to pass on, this episode could save your family from becoming another wealth transfer disaster story.
Find Andrew Clements:
Website: https://www.graysonclements.co.nz/our-people/andrew-clements
Email: aclements@gclegal.co.nz
Get tickets to the 2nd annual in person 'keep the change unplugged' event: https://www.ticketmaster.co.nz/keep-the-change-tickets/artist/3925924
I believe 100,000 kiwi with better financial literacy will create a better New Zealand. The Generate KiwiSaver Scheme are helping me reach this goal. Cheers Generate. Head to https://www.generatewealth.co.nz/change/ to find out more.
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Amy from https://levridge.co.nz has come on as a sponsor of Keep The Change to help people with their financial planning.
Stuck with your next move? Find Amy : amy@levridge.co.nz
Instagram: https://www.instagram.com/amy.levridge
Website: https://www.levridge.co.nz
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