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Family Education & Legacy Planning

There is a huge opportunity for wealth management firms to educate the children and grandchildren of their best clients.  Research has shown that the vast majority of affluent and ultra-affluent individuals do not believe their children are ready to inherit.  

More than three-quarters of those surveyed said they do not believe their heirs are prepared to inherit wealth.  That estimate is in line with statistics showing that 70% of affluent families lose their wealth by the second generation and 90% do so by the third generation.  

There is also a need to help families articulate the "non-financial inheritance" they want to pass on to future generations.  When people are asked what's most important to them to pass on to their heirs, they consistently rank at the top of the list things like life lessons, family stories, family history, values, and work ethic.  Much further down the list, they mention things like investment accounts, real estate, and personal property.  

If we are not intentional, it is easy to act as if wealth simply means financial capital.  Instead, the implication here is that wealth needs to be defined more broadly to include not only financial capital, but also human capital and social capital.  


This approach ensures that we are helping families to think through what values, wisdom, and causes they care most about.  In an increasingly competitive industry, wealth advisors who offer these types of services are successfully differentiating themselves.  The problem is that most advisors do not have the time and/or the expertise to deliver these services.  That's where we can help.  

Advisor Solutions 360 will work with you to create family educational workshops tailored to the needs of your best clients and their children.  Each family is unique in terms of the topics they want to be covered and the types of services they want to include.    

Sometimes, it involves helping families collaborate in their charitable planning, doing personality assessments for children, and crafting of family mission statements.  Other times it is focused more specifically on financial education.  

Whatever the end result of this offering looks like for any particular client family, there are three main benefits to offering it:

  1. It allows you to differentiate your offering to prospective clients.
  2. It provides a reason to call your 'A' clients to offer them a unique service and generate referrals of their friends who want a similar experience.
  3. It helps you build connections with family members of your best clients to increase the chances that you manage the assets for multiple generations.