The hit TV drama Succession has turned the mundane topic of inheritance and wealth management into a global broadcast phenomenon. The internecine struggle between Logan Roy and his squabbling offspring for control of the family empire has captivated millions of viewers. Yet the dynamic it explores is increasingly a fact of life for wealth managers everywhere.
Wealth management is becoming progressively multi-generational. There is currently a massive transfer of wealth across generations as the baby boomers, with their homes, pensions, and investments, grow older and – eventually – pass away. People who might not have seen themselves as classic wealth management clients now possess substantial assets that need to be managed.
The opportunity for institutions, therefore, is to retain clients through the generations. Successfully doing so, however, depends on advisors balancing diverse (and occasionally conflicting) outlooks of parents, children, and grandchildren. It depends on the right professional skills, active listening, and diplomacy. It encourages a focus on long-term relationships over short-term sales targets.
Our latest ebook explores these new challenges and opportunities, and outlines our approach to equipping advisors with the right soft skills to retain clients and thrive.
Download The Art of Balancing Generations ebook here.
Wealth management is evolving. Contact Alpha today to learn more about the complex art of balancing multi-generational relationships as well as the wealth management advisory skills that are now required to stay ahead within the estate planning/inheritance arena.
Download our latest ebook by Robert Conlon
12/7/2023
