The Great Wealth Transfer
In this episode of the Citi Institute podcast, host Alex Miller is joined by Chayce Horton, Wealth Management Team at Cerulli and Chuck Cavanaugh, Citi U.S. Consumer Wealth Management to discuss The Great Wealth Transfer - the $124 trillion expected to be transferred from baby boomers and older generations to younger generations such as Gen X and millennials by 2048, and to share their insights on proactive financial planning, education, and relationship-building between advisors and the inheriting generations to help ensure a smooth and prudent transfer.
Chayce Horton, Wealth Management Team at Cerulli highlights some common misconceptions about the wealth transfer, such as the assumption that all millennials will benefit equally.
Chuck Cavanaugh, Citi U.S. Consumer Wealth Management emphasizes the importance of comprehensive estate planning, tax-efficient wealth transfer strategies, and proper beneficiary designations for the older generation.
Our guests reflect on the some of the challenges and misconceptions and highlight the importance of open communication and transparency within families.
Citigroup (“Citi”), and Cerulli are not affiliated and are independent from each other. The speakers’ views are their own and may not necessarily reflect the views of Citi or any of its affiliates. All opinions are subject to change without notice. Neither the information provided, nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. The expressions of opinion are not intended to be a forecast of future events or a guarantee of future results. Citigroup Inc. and its affiliates do not provide tax or legal advice.
Chayce Horton, Wealth Management Team, Cerulli
Chayce is a member of the Wealth Management team at Cerulli and contributes primarily to the U.S. Private Banks and Trust Companies and U.S. High-Net-Worth and Ultra-High-Net-Worth Markets annual reports. His analysis covers the wealth and asset management industries that serve high-net-worth (HNW) investors and families. Chayce also provides analyst support to strategic consulting projects in the wealth management space and contributes to The Cerulli Edge series.
Previously, Chayce has experience working in enterprise data governance, government affairs, and business banking at multiple global financial institutions.
Education: Bentley University, Economics and Finance major, Political Science minor
Chuck Cavanaugh, Head of Financial Planning, Citi Wealth Management
In his current role, Chuck Cavanaugh oversees the financial planning and annuity distribution teams.
With over 30 years of experience in the financial services industry, Chuck is a seasoned wealth management strategist who has spent most of his career supporting Wealth Advisors in helping clients achieve their financial goals. He has also been a guest speaker throughout the United States on retirement income strategies, financial planning and estate planning.
Most recently, Chuck helped develop the strategy and lead the expansion of Citi Wealth’s U.S. financial planning, insurance and annuity specialist teams. These teams support our Wealth Advisors and Wealth Relationship Manager in providing clients with the best possible financial planning experience.
Prior to joining Citi, Chuck served in key executive roles, such as National Sales Manager, Chief Operating Officer, Chief Marketing Officer and Head of Product Development at major financial services firms, including Morgan Stanley, Lincoln Financial and Merrill Lynch, over the course of 20+ years.
Chuck has a Juris Doctorate (JD) degree from Western New England University School of Law, with a concentration in tax law, and a Bachelor of Science degree in Biological Sciences from the University of Maryland, where he graduated Phi Beta Kappa. In addition, Chuck holds Series 7, 66 and 24 licenses through the Financial Industry Regulatory Authority (FINRA).
