Some $30 trillion is projected to transfer from baby boomers to the next generation in the coming decades. Financial advisors who do not connect with that next generation may be missing a significant opportunity.
Chris Hennessey offers some ideas for connecting with client heirs:
1. Invite your clients to bring their teenage children into the office so you can meet them. If the children are working summer jobs, offer to work with them to set up a Roth IRA.
2. If the children are older and living independently, ask the parents if you can reach out to them, perhaps via social media, to discuss financial plans and goals.
3. Always ask to meet your clients’ spouses. Have both spouses attend as many meetings as possible and keep both engaged in all planning discussions.
4. Hire a junior associate to work with the adult children of your primary clients. They may be more receptive to working with someone closer to their own age.
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