Note: This article is courtesy of Iris.xyz
By Laurence P Greenberg
The transfer of wealth between generations has become a defining issue for the financial services industry. In the coming years, RIAs and fee-based advisors will need to prepare for an inevitable shift that will significantly impact how they manage their practice and counsel their clients. This massive intergenerational transfer of wealth is starting now – and is on pace to accelerate over the next three decades. Any advisor who is building their practice for the long-term must take action.
Expertise in wealth transfer and generational planning is critical to retain clients, especially the high net worth. It can help deepen the relationship with your client, as well as your client’s family, allowing you to manage more of the household’s assets. It can not only help your client leave an enduring legacy for future generations – it can also help you create a future generation of clients for your firm.
To capitalize on this powerful trend, it is important to understand three key components:
- The demographics driving wealth transfer;
- The innovative approaches to help clients build and transfer their legacy; and
- How generational differences and family dynamics can impact client retention.
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