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How to Market to Clients’ Kids

How to Market to Clients’ Kids

By Sarah Scorgie

March 4, 2014

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Building relationships with the next generation can help ensure the long-term success of your practice.

When wealth changes hands, it also changes advisors. Ninety percent of heirs will move assets to a new advisor after the death of their parent. Wealth transfers pose considerable risks for financial advisors – but they also provide opportunities to extend client relationships across generations. By taking heirs into account when developing your marketing strategy, you can create multigenerational relationships that ensure the long-term success of your firm.

Marketing to the next generation

Many advisors target their messaging to baby boomers – after all, they have amassed significant wealth and are poised to inherit more. However, boomers will leave an even heftier amount to theirheirs – meaning that establishing a meaningful connection with the next generation will be crucial to a wealth management firm’s success.

Because boomers have longer life spans, their children will be older when they inherit wealth and more likely to have already found a financial advisor of their own. Don’t wait. Start building relationships with clients’ children and grandchildren as early as possible.

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