The much-hyped Great Wealth Transfer, in which as much as $124 trillion in baby-boomer wealth is predicted to move on to younger generations, has captivated Gen X, Millennials, and Gen Z. But Tim Gerend, CEO of financial planning giant Northwestern Mutual which has $366 billion in client assets, warns that the reality will unfold more gradually and with greater complexity than headlines and hopes suggest.
“I think the wealth transfer isn’t going to be just a big bang,” Gerend told Fortune. “It’s not like, we just passed peak age 65 and now all the money is going to move.”
