Financial Advisers Helping Wealthy Heirs

A growing breed of financial advisers is working with the children of wealthy clients to help them avoid the pitfalls that often come with inheriting a fortune.  Firms that offer this new service also increase the likelihood of managing and preserving the family’s assets for another generation. 

Targeting the wealthy’s offspring can also be lucrative.  According to a study by financial services firm Pershing LLC, baby boomers will leave more than an estimated $30 trillion to younger generations over the next thirty years.

Clients’ children often need more education about budgeting and investment than older clients, and possess a different style of communication.  “Generations think differently about values and lifestyles.  The way I communicate is to try to frame everything within the overall family legacy,” says Mary Downing, adviser at SunTrust Private Wealth Management.  Moreover, a dedicated practice helps clients navigate complex, long-term, family financial dilemmas. 

See Elizabeth Dilts, Inheritance Prep for Wealthy Kids Seen As Niche Market, Reuters, March 6, 2015.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.