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Insights | June 28, 2024

How to Retain Assets in Your Biggest Client Families

It takes time to build wealth. That’s why, for many advisors, their biggest clients are also those who are most advanced in years. Their adult children are not only entering an ideal client range themselves, but are also poised to inherit sizable family estates.

For some, capturing this opportunity means shifting your practice from a retirement or estate focus to a multigenerational family wealth focus. More specifically, though, there are a few steps you can take with clients today that can help ensure you retain family wealth and forge strong relationships with rising generations.

Expand the conversation.

As early on in the relationship as possible, members of the rising generation should be a part of your discussions with clients—at the very least as topics of conversation, if not participants in it.

Wealth stewardship entails financial strategy, but it is also about enabling new generations to carry on family values and live out the legacy you’ve helped your clients build. None of this is likely to be very successful if the kids are left in the dark.

Inclusive discussions also help ensure that this younger generation doesn’t just see you as their parents’ advisor. You and your team are the ones who know their family’s needs best, and you are the logical choice to guide them in their personal financial journey as well.

Provide resources.

While you may not be working with the younger generation directly just yet, you can offer resources that reinforce your expertise, demonstrate your commitment to the family’s financial wellness, and keep a line of communication open. These resources might include market commentaries, white papers, original content or useful references.

And if you have a succession strategy within your own practice, make this clear to them as well. Maybe you plan to retire in the next 10 years, but your client families can rely on members of your team who will be transitioning into leadership roles. This can be immensely reassuring to those who are looking long into the future as they build financial stability.

Incorporate multiple perspectives.

Part of your expertise as an advisor to wealthy families is your ability to understand complex family dynamics and navigate or mitigate the tension that can arise between members of different generations.

Sometimes it’s just a matter of listening to the goals, concerns and intentions of rising generation family members. They should feel heard and they should be able to see that their priorities are being incorporated into the strategies governing the family’s wealth. This will help you make the process smoother for your current clients, while positioning yourself as a dedicated partner for generations to come.

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