There are many financial advisers that undervalue the importance of preparing the client’s heirs for their inheritance. Financial planners should try to initiate a dialog with the goal of keeping the client’s kid as a future client. Navigating through complex family dynamics can be tricky for wealth planners. It is important to try to build professional relationships with the client’s family as soon as possible. This article also discusses the importance of encouraging clients to speak with their own children about their financial and wealth transfer plans. Building a productive relationship with heirs will give financial planners long term business.
See David Lenok, Preparing the Heirs for the Assets, Wealth Management, October 19, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
