How to Target Inherited Wealth

When an estate is passed to a new generation, relatively few inheritors choose to work with the advisor who managed the wealth and planned the estate. It could be because those inheritors have strong advisory relationships of their own in place, or it could be that they simply do not feel a connection with their parents’ advisors.

What’s missing is clear positioning around individuals inheriting wealth—not as a last-minute pitch when they have one foot out the door, but as a service focus that’s prominent in your brand and your client process.

This starts with defining what you’re equipped to provide for individuals inheriting estates. Many advisors say they manage inherited wealth or steward wealth through the generations, but far fewer actually build it into their outward brand, with client profiles, case studies, processes and strategies.

For children of existing clients, they want to be treated as individuals, not as extensions of their parents. They’re also in a completely different life stage from the previous generation and with that comes new goals and considerations for the wealth they’ve been entrusted with. Clear positioning around this market can help ensure they see your firm as a reasonable option.

It can also help ensure the perception of value remains consistent from one generation to the next. While their parents may have been accustomed to the fees they pay for your services, the value of these fees may not be clear to those who are taking over the bill. Long before the estate transition takes place, you can start clarifying that value in a dollar sense (i.e. tax strategy, investment methodology, etc.), as well as in the context of broader planning expertise.

Once inherited wealth is seen as a specialty of yours, it’s not just children of current clients who may notice; it’s also the many inheritors with no connection to your firm, who are looking to change advisors.