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Hold On! Strategies to stem the outflow of assets as they transition to the next generation

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Manage episode 459794984 series 3582122
Content provided by Ray Sclafani. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Ray Sclafani or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ro.player.fm/legal.

In this episode, Ray Sclafani discusses the critical strategies financial advisors must adopt to retain assets during wealth transitions to the next generation. He emphasizes the importance of building genuine connections with clients' heirs, adapting service models, enhancing technology, and integrating estate planning and philanthropy into advisory relationships. The episode also highlights the need for proactive engagement with younger clients and the significance of creating a clear succession plan to ensure long-term success in wealth management.

Key Takeaways

  1. Most advisors lose assets during wealth transfer.
  2. Building relationships with heirs is crucial.
  3. Younger clients prefer planning-focused relationships.
  4. Involve the next generation in financial planning.
  5. Succession planning is vital for retaining clients.
  6. Women will inherit a significant portion of wealth.

For more information click here to visit The ClientWise Blog.

Find Ray and the ClientWise Team on the ClientWise website or LinkedIn | Twitter | Instagram | Facebook | YouTube

To join one of the largest digital communities of financial advisors, visit exchange.clientwise.com.

  continue reading

33 episoade

Artwork
iconDistribuie
 
Manage episode 459794984 series 3582122
Content provided by Ray Sclafani. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Ray Sclafani or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ro.player.fm/legal.

In this episode, Ray Sclafani discusses the critical strategies financial advisors must adopt to retain assets during wealth transitions to the next generation. He emphasizes the importance of building genuine connections with clients' heirs, adapting service models, enhancing technology, and integrating estate planning and philanthropy into advisory relationships. The episode also highlights the need for proactive engagement with younger clients and the significance of creating a clear succession plan to ensure long-term success in wealth management.

Key Takeaways

  1. Most advisors lose assets during wealth transfer.
  2. Building relationships with heirs is crucial.
  3. Younger clients prefer planning-focused relationships.
  4. Involve the next generation in financial planning.
  5. Succession planning is vital for retaining clients.
  6. Women will inherit a significant portion of wealth.

For more information click here to visit The ClientWise Blog.

Find Ray and the ClientWise Team on the ClientWise website or LinkedIn | Twitter | Instagram | Facebook | YouTube

To join one of the largest digital communities of financial advisors, visit exchange.clientwise.com.

  continue reading

33 episoade

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