Financial advisors today face a significant challenge: helping their clients move from avoidance to activity in planning for the transfer of their wealth—and retaining the assets when that wealth changes hands.
Our research uncovers why clients are hesitant to start planning to transfer wealth, whether that be to a spouse or to the next generation, and what advisors can do to engage their clients in planning for the future.
Many clients put off thinking about wealth transfer plans until an emergency forces the conversation. But by then, it may be too late. Planning early allows time for:
Continuity of assets is at risk if these critical conversations don’t happen, or the advisor fails to build a relationship with the rest of the family.
This is a business-building opportunity. A conversation about planning for a family’s future can be a natural pathway to engage the next generation.
Advisors can help their clients begin to prepare for wealth transfer with these easy steps: