In the coming 30-40 years, a sum of money of approximately 41,000 billion $ will be transferred from the baby boomers to the next generation.
In Israel the numbers are proportionally lower but still the sum is still huge.
There are five major problems in Israel on that matter:
- High net worth population thinks that a will, will suffice in this matter.
- The next generation (born between 1960-1980) is financial illiterate but thinks he knows best (you don't know what you don't know but they are still vain about it) and he will live longer, meaning, consuming much more assets quicker and with no planning.
- The Israeli population does not know how/does not want to pay for quality financial services like in most western countries, there for they are not allocated properly, overpaying commissions and fees, under protected against financial crisis, no optimization on tax matter.
- The Israeli's fully neglect their household and do not refer to it as the most important business in their life.
- The Israeli's take advice from advisers which earn their income from insurance companies, investment banks and so forth. Did you ask yourself who those advisers are loyal to?
Now you do your own math – Will I or will I not succeed in my financial assets management alone?
