But make yourself available through email in case they have questions. Consider the needs of your parents or grandparents if they can’t join you in person for a meeting. And online video chat may be preferred by younger generations such as millennials and Gen Z. Face-to-face meetings and phone calls may be preferred by older clients. You may need to adapt your style to suit both your current clients and their adult children. Manage the family meeting.Ī financial advisor’s role in the family meetings agenda is to act as the facilitator along the way. If you have any pre-meeting tasks that your client or their children will need to complete, ensure you give them the family meeting agenda with ample time to get it done. ![]() That way, if they have any feedback or more topics they’d like covered, you can revise it accordingly. To set the tone and purpose of the meeting, you should draft an agenda and send it to the client five days in advance. Excitement can take over, arguments can ensue, and things can get off topic quickly. When families come together, it can often be chaotic – not necessarily in a bad way. Here’s what you can do to ensure that your client’s adult children will be interested in a second meeting. Also, why they do what they do, and what legacy they hope their children will carry on. It’s an opportunity for parents to come together to show their children the choices they make with their money. Or maybe someone they find on Google one afternoon after deciding they should probably ask someone what kind of account they should keep their inheritance in.įamily meetings agenda is built around about more than the impending wealth transfer. They may know someone that has already built rapport. Advisors that have solely focused on their clients without including crucial family conversations may be left behind by their children. ![]() We’re on the precipice of the largest wealth transfer in history. Successful Family Meetings Agenda: What role should financial advisors play? Read on to gain insights into hosting a successful family meeting with your client’s adult children. You’ll have to get to know them first and adapt to their preferences. You can’t treat these future clients the same way you’ve been treating their parents. Instead, you just need to have the strategies to follow in successful family meetings agenda once or twice a year. You don’t need to get bogged down in the details of hours of extra work to start targeting a new demographic. If you aren’t taking the time to meet with them, it’ll be hard to build that bridge of trust. According to the Illinois CPA Society, 95% of investors say their children have never met their advisors. However, can you blame them? Financial relationships are primarily built on trust. According to Investment News, more than half of financial advisors are fired after the children receive their parents’ inheritance. You might lose 66% of your business if you don’t start including your clients’ children in your family meetings agenda.
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