You spend years developing a relationship with a client, and eventually they are going to pass away. If you have made sure that you’ve involved the next generation, the money is likely going to go there, and therefore you can add real value because you’re going to be able to help with the transition of that, which makes fostering that relationship a bit quicker.
One of the biggest pitfalls when it comes to multigenerational planning is that advisors treat the next generation the same as the first generation. They tell the same stories. They’ll talk in the same way. But let’s say the client’s son is 45. They’re very different people. And they’re at very different stages in life, so they need to be seen as separate clients rather than one unit. Many advisors would even greet them just as they would the older clients and act the same all the way down.
Tristan Karl Robert Hartey is an eight-year MDRT member from Chester, England. Hear more in the MDRT Podcast:
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