Identifying key contacts in the next generation of investors

Bill Cass, CFP®, CPWA®

Bill Cass, CFP®, CPWA®, 04/26/17

According to recent studies, only a small percentage of heirs continue working with the financial advisor used by their parents.

More than $30 trillion is expected to transfer from baby boomers to the next generation over the next three decades. Considering this massive transfer of wealth, Chris Hennessey discusses outreach strategies to help you connect with the next generation of clients.

  • Consider your client base and identify key members of the next generation
  • Be mindful of assets such as real estate, which is often sold by heirs
  • When meeting with current clients, ask them directly: “Tell me about your family.”
  • Note which family members are designated decision-makers on documents such as a durable power of attorney and medical directives