Name: The Great Wealth Transfer: A Conversation Shaping the Future
Uploaded: 2026-02-19T18:15:06.300Z
Duration: 40 min 55 s
Description: The Great Wealth Transfer: A Conversation Shaping the Future

Transcript for "The Great Wealth Transfer: A Conversation Shaping the Future": everyone. Can everyone hear me? You are live, Silvia. We are good. Great, excellent. Just gonna give everyone maybe like five more seconds here to log in. If you are interested, we do have a poll that we'd love for you to participate in. We're gonna have a couple of polls throughout the webinar and then hopefully share some results at the end if we have time. So we'd love your feedback if you have a second. And I think with that, it's 12:01. We'll get started. Good morning, good afternoon, and good evening, everyone, depending on where you're dialing in from. Welcome to Empathy's webinar on the Great Wealth Transfer. We are super excited to be here. I'm Silvia Gianni, senior director of wealth and insurance partnerships at Empathy. Thank you so much for taking the time today. We're really glad you're here, and we're really looking forward to this conversation. Before we get started, I'd love to tell you a little bit more about me. I spent fifteen years in financial services at Morgan Stanley and Citigroup where I worked really closely with wealth management, clients and advisers, and that experience gave me a front row seat to truly see how much effort and time these companies and advisors put into building these relationships and how absolutely terrifying it is when those relationships walk out the door with the next generation. And that's exactly why it's so important for all of us to understand the great wealth transfer and what it means for clients, what it means for financial institutions. But before we go any further, I'd love to introduce my colleague, Andres Mazabel, Empathy's Head of Estate Planning Solutions. Thank you, Silvia. Appreciate it. Thank you everyone for being here. We're very much looking forward to today's conversation. Brief intro. I spent my first decade in private banking working very closely with families, in which I got firsthand experience into what families really go through when there's, when someone passes away and the impact behind it. And the last six, seven years, I've been working very, very closely with financial institutions, really engaging around the great wealth transfer, financial planning. So very much looking forward to the conversation. We have a ton of research to unpack for you today. There's three main themes that we've really wanna dive into today. When you think about the Great Wall Transfer, me personally, before looking at this study, I thought the Great Wall Transfer is truly more of a five, ten, fifteen, twenty years in the future. And the first theme that we're gonna dive into is it's actually much closer than you think. And this comes directly from survey that Silvia will dive a little bit more into. So this is essentially going to create a huge opportunity and also a huge risk for companies that are thinking this is a later problem or priority versus a now. Second one is families are vastly unprepared, which makes a lot of sense. There's various studies on what percentage of people actually have an estate plan in place. The theme here that we'll unpack is families are actually having these conversations. They want your help from an institutional perspective on actually getting it done. And then third, I don't think by any surprise, is that expectations of what clients look for in an institution continues to increase. It's less of what are the products that you are providing to me and my family, and it's more about my life journey and my life transitions and how are you showing up to help me. So very much looking forward to unpacking this. We have another poll. This is gonna get us, kicked off. And then after that, I'm gonna kick it off to Silvia to give a little bit overview on the Great Wall Transfer, and then we'll go ahead and dive into the research and the conversation. So we have a second poll. So if you click right next to the chat, then you're gonna see where it says poll. And this one essentially is asking which best reflects how your organization is investing in estate planning today, primarily technology and digital tools, a mix of technology and human support, and primarily adviser enablements and service teams. And you may say, gosh. We're still figuring it out. Then this is actually a big part of why we're attending, today's conversation. So go ahead and click on that. We'll take you just a second. And, Silvia, I will pass it to you. Thank you. So before we dive into the research, I also wanted to let you know that the chat is live. Feel free to ask us questions. We're gonna try to address as many of them as possible. But let's dive into what brings us all here today. So what exactly is the great wealth transfer? We're talking about a $124,000,000,000,000 moving from one generation to the next over the next twenty five years. That's truly a massive amount of wealth. More than four times our entire GDP is changing hands. It's the largest wealth movement in history, and it's happening right now. And what makes this different from previous wealth transfers? Well, families prior moved much more slowly, life was simpler, and they weren't faced with the technological advancements that we're faced with now. But here's what should keep us all up at night. It's that 70% to 90% of inheriting spouses and next gen heirs walk away from their family's current advisors. And yet the part that's even more shocking that we uncovered from our research is that only 18% of these families are actually turning to financial advisors for help with estate planning, which presents both a problem, but also a really big opportunity. So we decided to figure out what's actually happening. We really wanted to unpack the great wealth transfer. So we surveyed over 6,000 families across The United States, Canada and The UK. And what we found will probably change the way you think, not just about the great wealth transfer, but likely the way you think about your client relationships. And we'll share the highlights over the next forty five minutes, but the most exciting piece is that everyone on this webinar will be the first to receive the full research report when it comes out on March 11. So if we look at the first glaring piece of research that just jumped out at us, It was that two out of four in 10, sorry, four in 10 families are expecting an inheritance in the next two to ten years, which basically means that the wealth transfer is happening now. It's not something that's in the distant future, and it's also not going to be spread out evenly over the next twenty years. And nearly 40% of those people tell us, right, that they're expecting this wealth transfer in the next ten years, which translates to about $16,000,000,000,000 that are moving hands imminently happening in current client relationships and in current business cycles. So Andres, if this is happening within the next two to ten years, which again means that that's imminent, it's right upon us, what should advisors be doing today? Yeah. That was my biggest moment when we got our hands into the research. This is a a now, and families are really thinking about this. So to answer your question, Silvia, I would really think about it from an institutional perspective, and maybe we can use the Johnson family as an example. They've been clients of x y z institution for twenty years. They're in their sixties. They have adult childrens. And when you look at that family, they've have life insurance. Maybe they actually work with a financial adviser, and they've been working with your institution for more than two decades. That probably seems like the perfect ideal client. Loyal, have been doing business with you. But what financial advisers and institutions, if you're not if you're not proactively engaging with that specific client with the Johnson family So we know the Johnson family very likely is expected to start thinking or transitioning some of that wealth in the next two to seven to maybe ten years. Well, what are the tools that you're empowering your institution to have the visibility of the wealth or the transitions that they may have gone through? So as an example, how's that adviser engage with that family around estate planning? Do they have an estate plan in place? That's just, I think, today, table stakes. I think the deeper layer is actually a matter of what is your institution and your advisers actually doing with that information. Have they done a family planning meeting to walk through and say, these are your insurance policies that we set up years ago. These are the investments that we continue to meet, you know, year after year. But it's a matter of who are the people in the estate plan, the two adult children. Are all the beneficiary information up to date? Has there been an actual discussion about how that wealth transition is expected to happen? And some of the most successful firms that are really proactively engaging in these life transition moments with their clients are actually seeing that families are coming in to meet with the adviser, the beneficiaries, the executors. And what it's really leading to is doing more business with that trusted adviser because it's a huge need. It's a huge gap that clients, have. So I think to wrap up this this first one, Silvia, it's it's a matter of being proactive. And my big, big takeaway is if as a firm, your retention strategy is, gosh, when we get, you know, a client that passes away, well, what's the letter that we're sending them out with the you're it's too late. Those beneficiaries are likely already thinking about, I have no relationship with this institution. I've never met with my parents' financial adviser that they told me about. So I think it's really a matter of empowering your team with visibility and the tools to have these conversations with your clients about the transfer. Are they prepared? Do they have the education to really be equipped as they go through that? Yeah, no, absolutely. I mean, one thing that always jumps out at me when we have these conversations is there was a Nuveen study that was published, I think it was last year, that found that eighty percent of advisors who met the children of the families before they were adults, whether when they were children or teenagers, were more likely, eighty percent of them kept those clients after a loss versus I think it was less than 50 that kept them when they met adult children, only met the children when they were adults. So it's a 30% swing between each, right? So it matters not only when that you are involved, but when you get involved. The earlier you get involved, the more likely you are to keep that relationship. That also brings me to a second point, which you and I have discussed recently as well, is how surprising it is that more firms don't have a process in place for retaining those assets. Like many times when you do call to settle an estate, and I had this when I was settling my father's estate, was that it was, Sorry for your loss, where would you like us to send the assets versus having some process in order to retain them? Absolutely. And I think I would add, Sylvia, in today's industry and what we're seeing specifically with financial advisers, that story or stat that you shared around, like, you know, meeting with the NextGen just twice the impact that it can have, I think that's huge. And I think if you look at, for example, your clients, if your you know, their kids are going off to college for the first time or getting their first job, Well, what is your process? And I think this really starts from an institutional perspective on how can you be relevant to your clients as they're going through different life stages and moments and leveraging those insights and information to say, how can I help your family as you're going through this? What. questions, what doubts, what risks do you see that you're talking about maybe with your spouse to really bring up proactively that, to your point, is gonna help really just deepen that relationship and pay off dividends long term. Yeah, we actually have a really good question in the chat that I thought maybe we could try to address, which is how do you encourage the adult children of clients in their 30s to actually meet with a financial advisor? My children have zero interest. I will take a stab at this first, but I know from a couple of my former colleagues who are wealth managers, what they tend to do is try to meet with the children during, like, a fun event. They either have you know, they host golf outings or, you know, events at the, you know, US Open, but they try to make the first few family encounters around a fun event versus let's sit down and talk about something as heavy as estate planning. I know that that's one avenue, but I agree that that is a big hurdle if the children are opposed to it, especially children in their 30s who are no longer children. I think it is challenging, but critical. And Jess, Yeah. do you have any thoughts on that? would yeah. Absolutely. I would add, in in my experience, there's been many advisers that look at the insights of the estate plan. And, Kathy, to answer your question, it's really a matter of adding in a service layer. So meaning, I see your children are the executors and beneficiaries of your estates. One, do they feel that they have all the education of what it means to have that role? It could be just beneficiary. It could be an executor. And then two, as something happens in the future, Would it be beneficial for your children to have a meeting with me? Just a meet and greet, how we can help for them to know what I'm doing for you and your financial plan and how I can be there when that does come up. And in my experience, that's a really good in instead of saying, hey. We want our adult children to work with a financial adviser, but more of, hey. Provide education on how our financial adviser is supporting us for you to have a face to the name. And then, obviously, from there, could unlock opportunities for that adult children to say, gosh. This is actually something I've been thinking about, in my life stage. Good question. Yeah, excellent question. So moving on to another, I think, stat that really kind of jumped out at us was the disparity between the families that are having the conversations and the families that actually have estate plans in place. So 87% of families said they were having active conversations about estate or legacy plans, but only 30% actually have those plans in place. That's nearly a 60% gap between intention and execution. And at first glance, that seems positive, right? Families are aware of how important it is and they're all seeking to have these conversations. But the concern here is that they're not bridging the gap. And why are they not bridging the gap? What is holding people back? What's posing that risk for families that can't get them over the hurdle? And just from a personal perspective, I know there are just certain decisions that are very difficult to make, and so you avoid them, right? Like for me and my family, it was really difficult when we had children to figure out who the beneficiaries or who the guardians of my kids would be. And so that was a process and that takes a while. But there is clearly something standing in the way, Yeah. those 60% of families. So this execution, as we've talked about many times, is the industry's biggest challenge, but also potentially the biggest opportunity, especially in light of this great wealth transfer, right? What you need in the middle of this great wealth transfer is to have plans in place. Otherwise, this becomes very complicated for the advisor and for the families. So how should firms be thinking about this disconnect, you think? Yeah. So let's unpack that. So to recap, 87% of respondents said that they've had a conversation about legacy and estate planning, but just 30% have a plan in place. So there's one relevance education to clients. And I think and I know we're gonna unpack this as well, Silvia, around, like, AI and the adoption. But let's let's stay focused here on on on the main opportunity. There is information available today on the Internets more than ever before. People are having these conversations, and families are having these conversations, but they're not getting it done. Now if we look at my example of, like, the Johnson family, right, and and how we're really thinking about that story and that example. Well, one, if they're having the conversations, but the institution or the adviser isn't proactively showing up to say, hey. This is, like, a conversation I wanna have. The big gap is really the visibility and the process in place institutionally to enable your advisers and your team to, one, have the conversation, provide relevant content and education. But I would say more importantly, it's the execution execution piece. Piece. It's the next step. So it's a matter of when you meet with your clients, are you engaging in do you know? Do they have an estate plan in place? If they don't, what type of visibility does your team have when it comes to their life's life stages? Right? Like, I'll use myself as an example. The last year and a half, got married, had a baby, moved states, started a new job. Like, there's a lot of different moving parts that add a financial adviser, the more visibility they that they have on those life changes and my updates to my estate plan or the lack of updates to my estate plan is going to help that financial adviser have so many more insights. So imagine a world where, you know, advisers get notified of, I made an update to the estate plan. So the adviser looks in right away and sees, gosh. So, well, maybe the client forgot to, like, call me and tell me about this, but this is major. Right? So it's a it's a direct insight that they have. But I think it really closed in the gap, Silvia. It's it's a it's a much deeper layer than we have estate planning education. We have articles. We have PDFs. Amazing. I think that's table stakes today. But it's I think it's a matter of looking at setting the standards for the expectations that you have of how you serve clients as they go through those little life not little. Big life moments. that have a big, big impact, and it's the accountability piece. I think this is a big reason why clients work with a financial adviser, why they have a relationship with your financial institution. They have needs, and those needs change. So how are you as an institution, as an adviser, showing up for your clients as they have the different needs and changes depending on their life? Right. And that actually brings us to a really interesting development, right? Because what we're seeing is that families are definitely turning to new sources for guidance, right? And some of them are a little bit concerning. Research showed us that about 10% of families are now using AI for estate planning. Now, I don't know about you, but the idea of ChatGPY drafting someone's will makes me a little bit nervous. Right? This is the same technology that confidently tells us that there are two r's in strawberry, and then changes its mind when you ask again. Right? So it does make mistakes. It's not it's not a perfect solution. I understand turning to it for questions, but turning to it for a legal binding document for you know, to transfer all the, you know, wealth and assets you've built in your legacy seems a bit much. And so it's tough to trust ChatGPT or any AI standalone without any guidance with these estate plans. So what is happening when families try to draft their estate plan with AI and how is that actually creating more opportunity for professional guidance and not less? Like how can. advisors use that momentum that clients are actually even trying to do that to kind of capture that client and get them focused on the right estate planning? I think you said it perfectly. How can advisers and firms use that momentum? But I think that's really key. And I would I would bet that if we did the same research a year from today, two years from today, the adoption of AI and tools is only going to continue to increase, which is amazing. Right. I'm all for it in terms of the education. But I think the big, big opportunity is that we are emotional human beings and investing, making decisions about guardians for our kids, great wealth transfer are also very emotional and very heavy. One of my best friends, he still hasn't created his stable, and he has kids that are five and six years old because they're stuck on, like, who's gonna be the guardian for their kids. And I know this happens consistently. So I think it's really a matter of there's an increase in online education in AI, but but adviser or clients are still wanting and expressing to wanna work with a financial adviser. I think look at the whole theme around robo advisers. This started probably five to ten years ago, and there were all the big questions are, oh my gosh. Are financial advisers going away? And we won't name specific companies, but there's been many large companies that have said we're shutting down our robo adviser business. So study after study shows that clients continue to want to work with a company that, one, is investing in technology. Yeah. Today, we are we are glued to our phones and what technology can help us do. But, again, What? when it comes to financial decisions, to estate planning, to legacy, to loss, it's very heavy and very emotional for many families. So I think it's a matter of leveraging that that opportunity where clients are having these conversations that they're researching online and then empowering your team, your institution to have the resources to guide them through the conversations and, again, to really be able to help with the resources for executing on that and using that momentum to go from we got you the information, you had a conversation with your spouse, and now it's a matter of following through on the next step to actually get it done. Yeah. And I think part of that is just making, like lowering the barrier to entry, making it very simple and accessible, right? With a combination of advice and guidance and technology, just how do we make it as simple as possible? Yeah. Right? And, I think technology. David, actually, there there's a comment here that I that I love that I just wanna highlight. Education, support, coordination, and accountability. And I love that. Excellent. And and one of the one of the research as well or the stats actually show that 18% said that they would actually ask their financial adviser around the estate planning piece. Yep. And there's there's various third party studies today that continue to show that clients are expecting more and more from their financial adviser specifically around estate planning. Yeah, for sure. So this actually brings us to another part of our research, which we thought was great news for advisors, right? When we asked what consumers want most from financial advisors, education and clear guidance ranked as the top expectation. 25% of the 6,000 families we asked an advisor said education and clear guidance. Even more telling is that one in five, so 20% of families actually expect help from their advisor in navigating inheritance conversations, right? And this shows us that the industry has evolved. Clients are not just looking for someone to invest their money and beat the benchmark or explain to them how an annuity works. They're looking for a really holistic approach to your family and their life plan, whether it's accessing liquidity to purchase a home or help them finance a child's education or figure out how can I pass my estate on to my spouse or my family in the most tax efficient way and as smoothly as possible, right? And at the center of all of that is education. Clients want to understand what to do, right, and why to do it. They don't actually want to be told this is exactly what I think you should do, but here's the information. I'm going to arm you with not just the education, but here are the tools that you can do to help you do it as well, right? And so question for you is what does good actually look like when an institution shows up for clients and families in these life moments? Like what does that look like? Yeah. This is this is one that we've, I think, frankly, have learned a lot at Empathy in how we serve and show up for our customers. Yeah. And, I think, in general, life is full of amazing, really good moments and also some hard moments, including loss. So I think, one, it's what is the standard of care for your customers? And it's really looking at again, I keep going back to the the life moments, and this was part of the research and some of the really good insights that we got from from the families and individuals that we that we interviewed. But I think it really comes down to in creating and having these conversations. So when I when I think of of good and, like, really high expectations for it's it's really a matter of creating experiences for your clients. And it's less about the transactional moments that your customers are going to have when it comes to buying the life insurance policy, getting a mortgage from you, maybe doing a four zero one k rollover because they got any job. We know and and we know those are, like, millions of life moments that happen every single year in The United States. But I think it's a much, much deeper layer when it comes to the experience that you're providing for your clients. So I would think about that as what are the the data inputs and insights that your institution has of where is your customer, meaning in the life stage, and what are they going through, and and how are you supporting them as they go through that. So as an example, if we have gosh. The Johnson family is an example. Maybe early on when they opened a joint bank accounts, when they got married, well, one, like, how do we how do we empower and celebrate that as they go through a new transition? Right? And as they, for example, had their first kid, I think the institutions that are gonna continue to set set themselves apart are being relevant to your customers during that process. So if we know that more than 87% of families are having these conversations, well, how are you as the institution proactively showing up for your clients as they go through that life stage? How are they getting the right information that's gonna help them feel empowered to make a decision? And then from there, it's a matter of how do you continue to show up. So as an example, at Empathy, we're very, very proud of the way that we show up for our partners when there's loss. That is a huge, huge, huge part of every like, everyday business. Right? So how are we empowering our customers and our clients to not just say, here's the form, here's what you fill out, But how are we supporting those customers emotionally? How are we really showing up? So I think the standard of care, Silvia, is what I really think about, and I really would break that up into the different life stages that each client is going through and how that institution is showing up. And I think, really, it's it's a matter of looking at a relationship, a deep relationship with that customer. Yeah. And and I know you and I have talked about this at length, like, offline. But, like, if we look at Robinhood as an example and what they're trying to achieve. So, gosh, if you go to Robinhood and you transfer more than half $1,000,000 or you have more than 1,000,000 with them, they're gonna give you free estate planning, tax services. So I think it's like, how do we create an experience for your clients where they feel supported on various different aspects of their financial picture and also their protection, including estate planning, including when when loss happens? And and that's, I think, what gets me really, really excited about our partners and, like, the institutions that are really thinking about the the journey of their customers and how they can really show up for them. Yeah, absolutely. It's what you said, you know, earlier, which is what, you know, how does an institution show up for you when you get married? Or when you have a child, are encouraging you to open the five twenty nine plan? Are they encouraging you to create the estate plan? Because now you have a child and you need to name guardians and beneficiaries. And then you enter a life stage where I'm at, I have kids that are two years away from going to college, but I'm also a caregiver to a parent, right? So I'm in the stage like how can, if a financial institution can help me figure all of that out, right? There is no question that they will have most of my assets, and they will develop deep ties with my family and kind of keep that multigenerational loyalty going, which is essentially what we want. Absolutely. We actually have a good question here that maybe we could try to address. When advisors sit down with families for these planning conversations, what are the most common things families say they need help with beyond the financial assets? It's a good question. I would think of that. So outside of just the financial needs and and this is, I think, a big, big theme and strategic priority that I've seen at major financial institutions, and it's driving more financial planning. So to answer your question directly, to your point, outside of just the financial assets, you know, here's do you have enough insurance? Here's your return compared to S and P, etcetera, etcetera. I think it's more about what are those life goals that you have and how often are they changing. I think some of the big, big questions that families are having around this is is help us have the education to empower us and our family to make the informed decisions that we need to make with your help. So a lot of that, frankly speaking, is, like, we're doing a lot of financial planning, a lot of goals, a lot of the setting up our 05/29, our retirements. Are we on pace when we wanna retire? Like, there's a million different tools that you can even use on your own or with a financial adviser. I think, frankly speaking, there's, like, an underlying still fear or lack of, like, education execution around what does this all actually mean in in various different ways. And I and I tell you this is from, like, ten plus years in private banking. We talk and we do reviews with clients, but it's really a matter of going a layer deeper into their values, into why they're doing the financial planning for with you as a financial adviser. And I think really coming down to does your clients and the families that you're serving, do they feel really true peace of mind? Like, I remember back in the o eight crash was which was when I first got licensed, there was always the calls, Frank and, obviously, o eight is a is a, you know, big, big example from from a market and what happened. But I think it's it's if that was to happen again, would your clients freak out, or would they feel like, have a plan in place with my adviser. I know what's in place. Everything is in our puzzle, in our financial puzzle, if you will, and I feel really good about that. And then our financial adviser has educated us on what could happen with the crash, what could happen if I'm incapacitated, which happens very often. Unfortunately, it's just a part of life. So to wrap up the question, it's a matter of, like, making sure your clients have the education and you've had these, like, very hard conversations about, well, if something happens, Right. how are you showing up as the adviser? And we'll take one more question, I think, before we wrap up. We've got six minutes left here, but this is also a great question. It says, Empathy team, does your data show that families and clients are willing to pay a premium above products for that incredible experience or service for the time it takes to show up during these important times? And if so, how are businesses positioning this service outside of products? So from our experiences, yes, there is a clear differentiation when clients are offered these services. And we will often see that clients respond always much more favorably when they are given a choice between having a product or financial relationships that comes with the service versus without, that goes without saying. And how are businesses positioning it? They're layering it as an enterprise service to their clients. So they're just layering it on top of their business, whether they're embedding it in life insurance products or embedding it into financial accounts. But they're trying to show up for clients in as many ways as possible because the reality is most clients have at least five financial accounts in The United States, that's the average. Every individual has about five accounts. One of those accounts is probably going to be the primary, right? One of those accounts is gonna have the majority of the assets and is going to own the trusted relationship and that makes all the difference. And the only way to have that trusted relationship is to show up. But a really good point you make in this question is do advisors have the time to show up themselves, right? And that's where a company like Empathy comes in because we help, we show up for your clients on your behalf, right? We're there, especially with our loss support products, we're there in the days and weeks and months following a loss, helping with the emotional and logistical part of the loss without you needing to be there every step of the way. But it is an extension of your service, right? So empathy is an extension of you and it will always be related back to you. You provided that service to that client and so that goes a really long way. So just to kind of recap what we've discussed a bit here, we only have about four minutes left. First is the urgency, right? The great wealth transfer is not something that's happening in 2045, it's something that's happening right now, right? So we have to think about what is your plan to address this great wealth transfer today? Second is this disparity between families that want the estate plan and families that have the estate plan. How do we bridge that gap? How can you have a conversation with all of your clients today to bridge that gap? And third is the evolution. Clients are not just looking for returns, they're looking for holistic service, right? And so Andres, for the executives listening today, what should be their top priorities over the next twelve months? I think it's really looking at your proactive strategy on engaging with your customers throughout different life events. Two, leverage technology to make you more efficient. But at the end of the day, technology is a way that you can help lead and solve a lot of different problems. But I think it's a matter of how are you how effectively are you building deep and engaging relationships with your customers. And I think the firm, Silvia, that continue to invest in the human experience, but leverage technology as a core, core part of your business model, That's, I think, the institutions that are continuing to deepen relationships, to create more engagement, to add more value, to bring consolidation and asset retention because these numbers on the rig wall transfer are big. I mean, this this is trillions of dollars, and I think the institutions that are proactive in really prioritizing these conversations and investments today will pay dividends in the future. Because we, as human beings, we want convenience, we wanna save time, but we also wanna be efficient and and make sure that we're getting a lot of value from our institution. Absolutely. So as we wrap it up today, we know that great wealth transfer is both the biggest threat and the biggest opportunity staring at the financial services industry. The good news is that your clients need you probably more than they ever have. But here's what's really gonna happen. The advisors who end up with $124,000,000,000,000 aren't going to win it because of performance. They're going to win it because they showed up for clients because they were in the room when it happened. It's my little Hamilton nod there. The firms that figure out how to become the families go to, not just their money manager, I think will dominate in this great wealth transfer. Do you agree with that? Absolutely. And so before we let you go, we just want to say thank you so much for being here today. We know how busy everyone is. So the fact that you've carved out forty five minutes of your day to join, or even if you're going to listen later, it really means the world to us. If anything we shared today sparks questions or if you wanna dive deeper into the research or learn more about empathy and how we help institutions stay connected to clients during life's most important moments, please don't hesitate to reach out to us. We love having these conversations and are always super happy to connect. You'll receive a recording of today's webinar if you wanna share it with your team or revisit it later. And remember, you're also going to get the report on March 11, so we're super excited for that. Thank you again for your time. We hope you found it valuable, and we hope you enjoy the rest of your day. Thanks, Thank you. everyone. Appreciate your time. Thanks, everyone. Bye.