The Openwork Partnership focuses on inheritance support

The Openwork Partnership, one of the UK’s largest and longest established financial advice and investment networks, is supporting advisers to help clients get the full benefits of intergenerational wealth transfers.

Research shows up to one in three households in the UK receive inheritances or wealth transfers from their parents during their lifetime with average pay-outs estimated to be £115,000 and The Openwork Partnership’s own research earlier this year found around £293 billion is earmarked for younger generations by generous parents and grandparents.

The Openwork Partnership has launched a series of Viewpoints available at theopenworkpartnership.com with the first highlighting the growing adviser focus on Intergenerational Wealth.

It looks at the potential scale of future gifting plans while also identifying areas where clients will need support from advisers such as tax and gifting and also points to the potential pitfalls and risks for clients of their own retirement plans being hit by their generosity.

The impact of COVID-19 has not stopped gifting, the Viewpoint shows, with more than £11.2 billion handed out in family support during the pandemic.

Mike Morrow, Chief Commercial Officer at The Openwork Partnership, comments:

“The intergenerational wealth issue is a major focus for advisers who are helping clients and their families every day to navigate the potential problems.

“It is also a major issue for the Government as demonstrated by a range of recent policy initiatives and there is certainly more to come which will have an impact for financial advisers and their clients.

“We are proud of the difference our advisers make in helping our clients and their families look forward to a better future which is why we have launched the Viewpoint series with intergenerational wealth, and we look forward to focusing on further issues this year and next.”

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