Friday, July 11, 2014
The overwhelming majority of adult children that receive an inheritance choose a new advisor and firm to handle their investments. Creating multigenerational clients takes planning and starts with an important but often sensitive conversation. The biggest reason that children go elsewhere is that they do not have any connection with their parents’ advisor. Advisors should get parents and children together to talk about the parents’ financial situation, which is beneficial for family members because it relieves the stress of the unknown, and puts the advisor in a position to become the family advisor rather than just the parents’.
See Kathy Lynch, Almost All Heirs Leave Advisory Firm, Financial Advisor Magazine, July 9, 2014.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.