A majority of financial advisors surveyed (89%) report clients have a wealth transfer plan in place and many financial advisors say clients are engaging their families in these discussions, according to new research from Edward Jones and Morning Consult. In fact, nearly two-thirds (65%) of financial advisors say clients are bringing their children or parents to meetings to discuss their wealth transfer plans.
“It’s refreshing to see clients engaging their families in these conversations, as earlier involvement creates a better sense of trust and intentionality before the transfer takes place,” said David Chubak, head of the U.S. Business Unit and Branch Development at Edward Jones. “But most importantly, it gives family members comfort knowing they have a trusted financial advisor in their corner to help them navigate the financial, emotional and personal aspects that come in times of loss and change.”
Financial advisors speak with their clients about generational wealth on a regular basis
To prepare for the complexities and sensitivities around wealth transfer, financial advisors serve as accountability partners for their clients by establishing regular check-ins. In fact, 77% of financial advisors surveyed say they speak to their clients at least quarterly about their wealth transfer plans.
Ninety-eight percent of financial advisors in the study say they also help clients set requirements around how their wealth is transferred, the most common being the allocation of funds (68%), using their financial advisor for oversight (65%) and obligations to care for a loved one, property or asset (54%).
“As financial advisors, we know life is unpredictable. That means we need to be helping our clients update their wealth transfer strategies to reflect their life changes,” said David Tam, an Edward Jones Financial Advisor in San Diego, CA. “This shouldn’t be viewed as a one-time conversation and should be revisited regularly to help address the clients’ most…
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