Family Wealth Management Is Evolving - Are You Keeping Up?

Building relations with client's successors should be a key objective for all advisers. A proactive approach to getting to know the next generation in a family is imperative if that business relationship is to be retained following the death of the patriarch/matriarch and if the adviser is to become the family's 'trusted adviser'.

The transfer of wealth places new demands on advisers to support families through succession and advisers should consider adapting a forward-thinking and dynamic approach for a smooth transition across successive generations.

Changing preferences and priorities

Next gens see the world differently and have different appetites for risk, lifestyle, diversity and financial needs than their predecessors. The first generation usually has a very low risk appetite and seeks to select investments which will preserve and enhance wealth. The next generation is known to have a more environmentally conscious outlook, focused on environmental