A veteran advisor might want to reconsider how they define what a family is. In the years they have been in practice, their clients' family dynamics may have changed.
The modern family comes in many different shapes and sizes, but there is a disconnect in the way advisors approach planning for them, according to a recent UBS Investor Survey titled Beyond the Picket Fence: Financial challenges of the modern American family.
A number of contemporary family issues an advisor might find themselves counseling clients through include the costs of divorce, children from multiple marriages, inheritance claims and very recently, legalized same sex marriage.
It's important to identify the specific set of challenges advisors can face when dealing with a variety of clients, UBS says.
"The main takeaway from my perspective is that advisors should be cognizant that many of their clients are not fitting into the definition of what we think of as a traditional family," says Ann Bjerke, senior wealth strategist at UBS' advanced planning group. "Especially among wealthy families, modern families are almost as common as traditional families."
Click through to see the study's findings along with some best practice tips for advisors, or see the one-page version here. -- Maddy Perkins