How Advisors Can Add Wealthy Millennials as Clients

By Ned Dane via

Anyone with children knows how challenging it can be trying to figure out why they do what they do. As a parent, I’ve certainly spent a good deal of time thinking about what my kids are up to and trying to anticipate their next step – always with the goal of steering them in the right direction!

Most parents would agree this is simply part of the work that must be done to ensure our children lead healthy, fulfilling lives.

In your role as an advisor, you want to see your clients’ children and grandchildren succeed as well. Of course, your ultimate goal is to ensure that once family wealth is passed down, the next generation recognizes the value you provide and retains your services.

This is a top-of-mind concern for any forward-looking advisor, particularly as Millennials – the generation born between 1980 and 1995 – begins inheriting $30 trillion from Baby Boomers in the largest intergenerational transfer of wealth in American history.1 Unfortunately, industry research shows that advisors are facing an uphill battle in keeping Millennials in the fold once this shift occurs.

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