How do I reach these kids?
Boomers are retiring/dying and their kids are grabbing their money and putting it into risky, unregulated assets and blowing up their accounts. 80% of financial advisors have not met their client's kids. What gives? How is this business supposed to run if everyone under the age of 40 either has 0 trust in traditional WM or they think they can throw their money into a options trading on Robinhood and call it a day?
Prob TikTok
DM them on WSO
If this is a serious post, you need to create a system. Assuming you have an ongoing advisory relationship with your clients, make meeting with the family part of your annual review process. Set up sessions to specifically address inheritance, estate planning, etc. Some clients won't want to include their kids in these conversations but many will. Meet with as many beneficiaries as possible. Will go a long way in preserving the book.
Agree with rickle. It has to be part of the process to engage with the next generation, especially the next gen of the large clients. That has been a hyper focus of our business and a natural extension of deep planning & family governance work. It's also the least formulaic piece as you have to take the time to understand the families values (shared and individual), mission, vision, etc. Esoteric shit that doesn't maturate from a risk tolerance survey.
Additionally, the business has to be set up to account for the fact that many of these beneficiaries have massively different views of the world from the parents. Regardless of the work you've done for them, they don't necessarily want their parent's advisor/money manager. I've seen plenty of examples of the "kids" that are coming into 10s and 100s of millions being less interested in absolute return and more interested in the story telling around their investments. Say what you want about ESG (trust me I have my thoughts) but developing a framework or story around impact investing can go a long way in making sure you're positioning the business for sustainability (in the sense of retaining G2/G3 clients).
This is a super relevant topic and hoping to get some other perspectives.
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