‘The elder daughter phenomenon’: Edward Jones head Penny Pennington said the economy is propped up by eldest daughters
Source: Fortune ·
Caregiving is a trillion-dollar industry, and eldest daughters take the brunt of it.
From the source
One of the biggest forces reshaping the financial services industry may not be AI, innovation or markets. It may actually be related to who is responsible for keeping families financially organized: eldest daughters. “The elder daughter phenomenon has to do with caregiving, and often has to do with becoming the executor on an estate,” Penny Pennington, the managing partner of financial services giant Edward Jones, told Fortune. “Making decisions that extend across this family for more members of the family.” Pennington, herself an eldest daughter, said the responsibility is becoming more significant as trillions of dollars move between generations, a shift known as the “Great Wealth Transfer.” She pointed to the roughly $100 trillion in wealth expected to change hands as older Americans pass assets to younger generations, saying the transfer is not just an investment but also a family event.According to a report from Cerulli Associates, roughly $124 trillion will be transferred to…