A just released landmark study on Legacy from Merrill-Lynch and Age Wave’s Ken Dychtwald is re-defining the role for the next generation of Financial Advisors with their clients’ (families).In this new era of Fiduciary (Know Your Client) Responsibility and the advent of the “Robo-Advisor”, the traditional role of advising clients and managing assets has less to do with managing assets and much more to do with managing relationships.
Holistic approaches to Legacy Planning are replacing the narrowly defined practice of Financial Planning.
When faced with the devastating failure of traditional
Succession Planning(94% failure rate by the third generation) and the reality that upon the death of the primary client 90% of successors elect to move their assets to new advisors, a whole new approach is desperately needed.Overwhelmingly, clients want to pass on their ‘Life Lessons and Values’ more so than just their money. But those clients don’t know where to begin, how to proceed and desperately need the support and guidance of someone they trust and respect.During my nearly 20 year career as a Financial Advisor I constantly found myself being cast in a role that made me feel I was a cross between a Psychotherapist and a Marriage Counselor. Fact is that when a client trusts an advisor to manage the entirety of the family’s net worth, that trust goes far beyond simply allocating assets and managing risk.
Legacy Planningcan break the paradigm of ‘Shirt-Sleeves to Shirt-Sleeves’, retain more clients through the generational wealth transfer, and give new meaning to ‘Knowing your Client”.Fortunately, the
Living Legacy Project now provides the “Tools of Engagement” for trusted advisors to begin the rewarding work of helping clients preserve and pass on their greatest wealth, their Life Lessons and Values.Read this ground-breaking research report, read it twice!
Download the report .
