Generations X and Y are no longer young children, and over the next decade they stand to inherit large sums of money. But once wealth is inherited by the next generation, only a small number of new-wealth holders tend to keep their parents’ advisor. If you are not already working to engage the next several generations of clients, you risk declining assets and a future scramble for new revenue sources.
Many firms are just starting to realize that they need to start building relationships now with their clients’ children and grandchildren, and they are not sure where to start. For these firms, they can take some lessons from the firms that have been specializing in multigeneration families all along. These firms have already learned that communication is the key to retaining those heirs.
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