- Over the coming decade, the UK is set to experience the greatest intergenerational wealth transfer it has yet to witness, as over £1tn is set to pass from baby boomers to younger generations.
- For most families, archaic tax laws make the wealth transfer process a challenge: finding the right advice for planning for the future or choosing the appropriate investment schemes for one’s family is either complicated or prohibitively expensive.
- Therefore, traditional wealth management firms have struggled to serve a new younger, financially conscious generation. Unicorn tech platforms have since emerged, disrupting this space and facilitating greater accessibility through automated investing and financial advice.
- However, these new tech solutions have only offered a “single-player” approach to wealth generation. This means that they provide limited support for both a collaborative approach to savings and investment that a family takes as well as the evolution of a family’s needs over time.
- Nosso’s goal is to make investing in a child’s future the whole family’s affair, thereby offering a tech-driven collaborative approach to savings and investments for the modern family. The company’s platform allows parents to set up, contribute to, and manage funds across various key events in a child’s life.
- Importantly, the platform enables other stakeholders, such as grandparents, aunts and uncles, godparents, to actively contribute financially to these milestones and capture the memories tied to each event in one place. This offers a bridge between multiple generations, allowing them to collaboratively build and pass down wealth in a simple and tax efficient manner
- By offering financial support at each life event—education, home ownership, general savings and more—Nosso aims to embed itself in a family’s life from the beginning and become its financial hub as it evolves.