Dedicated to helping you grow your practice and educate your clients.
THE INTERGENERATIONAL DIVIDE: DON'T LET YOUR BOOK DIE WITH YOUR CLIENTS
PREPARE FOR THE NEXT BIG WEALTH TRANSFER
Connect with the family. Retain client assets.
We’ve provided you with:
- Comprehensive resources for effective family meetings, with sample family meeting agendas, descriptions, facilitation tips and opening scripts
- Client-approved worksheets including a Personal Information Checklist and a Beneficiary Audit Worksheet, to help organize their financial lives and communicate with their loved ones
- Valuable information about the roles and responsibilities of key players in the estate-planning process
As the key advisor to the older generation, the keeper of the family financial history, and the overseer of assets, you hold a crucial but potentially unseen role to the family members in the next generation. In order for the rest of the family members to have a sense of the older generation’s regard for your counsel, you need to meet them. An in-person family meeting is an effective springboard for building relationships with the next generation of family members.
In a conversation with your client(s), you can position the family meeting as an essential step to getting everyone on the same page. In the family meeting, they will gather their loved ones to talk about issues and topics of consequence to the family. Your clients will want to introduce you as the family’s trusted financial professional. You and your clients can field any questions family members may have. You should forewarn your client(s) that the absence of effective and honest family communication could lead to conflict and significant strain on family dynamics in the future.
Here is an example of how to raise the topic of having a family meeting: