Are advisers missing out on intergenerational opportunities?

Imagine working tirelessly with a client for years on end, perfecting their portfolio and building their complete trust, only to lose their business and have that work go to waste.

This scenario is all too common for advisers who fail to involve the younger generation and their clients’ beneficiaries in the right way and, according to the Centre for Economics and Business Research (CEBR), it is more likely to occur than not.

The CEBR found two-thirds (65%) of people who are going to inherit wealth from an advised client will fire their adviser once that client dies.

Foster Denovo Partner, Jamie Smith, says it should be a natural part of an adviser’s job to gauge who will receive their client’s wealth and include them in the planning piece.

“Any good financial planner will encourage their clients to introduce them to their beneficiaries, particularly for older clients,” he adds. “It is always a good idea to have family or beneficiaries involved in that process.”

He believes an increased emphasis on financial education is helping younger people understand the importance of advice, which should help advisers retain the business of their clients’ families.

To read the full article on Professional Adviser, click here.