Tuesday, June 17, 2014
A Pershing study released last month showed how estate planners can effectively reach the next generation that is currently receiving inheritances, but are not currently planning what to do with them. The study suggests that firms must be diverse and understand how to target individuals as individuals, and take the prospective client’s individual interest and backgrounds into account. The focus must shift from serving individuals to the entire family, but as the study also shows this is not yet occurring, and a very small amount of adult children are choosing to go with their parents’ advisor.
See Liz Skinner, How to Hold onto Assets After an Inheritance, Investment News, May 5, 2014.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.