Engaging and educating your clients’ children and grandchildren is critical for the sustainability of the family’s wealth. 70% of families fail to successfully transition wealth from one generation to the next mainly because of a lack of communication within the family and unprepared heirs. As professionals, we have an opportunity to promote communication across generations and educate heirs on their roles and responsibilities to ensure they are prepared for life with wealth.

Developing relationships with the next generation is critical for the sustainability of your firm. Every year for the next fifty, $1 trillion will transfer to the next generation. Also, 95% of next generation investors say they plan to fire their advisors when the wealth transfer event happens because they do not have a personal relationship with these individuals and feel they are their “parents’ advisors”.

This presentation will focus on engaging and advising your clients’ children – why you should begin a discussion with your clients, what you can do to introduce the need to them and their children, and how to effectively engage and advise the rising generation to ensure a lasting financial legacy for their family and for your business.

Following this session, attendees will:

Recognize the importance of developing a relationship with the children and grandchildren of current clientele and the associated opportunities and risks
Identify ways to begin a discussion with your client about the importance of educating and preparing their heirs for future roles and responsibilities and how you can be a resource
Determine opportunities and strategies to effectively engage and advise the next generation to ensure a lasting legacy for their family and for your business

Amy Jucoski

Senior Director of Advice | Advice and Planning Center of Excellence, Wells Fargo Wealth &amp; Investment Management

Appearances

Senior Director of Advice | Advice and Planning Center of Excellence, Wells Fargo Wealth & Investment Management