Pain Points And Reaching The Next Generation

Published by  Investment Executive

With most full-service dealer clients in the 60-plus age category, advisors and dealers hope to build relationships with the next generation before their senior clients become disabled or pass away.

It isn't easy. Advisors who ask their senior clients for introductions to beneficiaries and adult children are often turned down. Why is that, and how can advisors change their approach to get those introductions?

Here's an example: Hugo and Alice, married for 45 years, have three children in their late 30s and early 40s. All advisor meetings and calls over the last 15 years were with Hugo; Alice was absent. 

You ask Hugo if he has a power of attorney (POA) document and a will. Yes, on both counts. Alice and their daughter Stephanie will share POA and executor duties. The three children are the will beneficiaries.