The Great Wealth Transfer is Creating a New Generation of Family CFOs
For many families, the Great Wealth Transfer starts long before an inheritance. Many adult children are becoming their aging parents' go-to financial decision-makers.
The shift from adult child to the family's Chief Financial Officer (CFO) can happen suddenly after discovering unpaid bills, a suspicious bank wire request or an aging parent falling prey to a scammer. Or the job can be created out of necessity after realizing mom and dad's financial life has grown too complex to manage on their own, says Tyler Rosser, managing director at Oxford Financial Group.
Longer life expectancies, coupled with the staggering $124 trillion in wealth set to change hands through 2048, according to Cerulli Associates, are making the family CFO an increasingly common job description. "It's becoming much more prevalent," says Rosser.
Comments