Advisors look to engage next generation of affluent

More than four in 10 financial services providers to the affluent seek to develop relationships with clients’ children at the start of a planning engagement, new research reveals.

Cerulli Associates published this finding in “High-Net-Worth and Ultra-High-Net-Worth Markets 2013: Understanding the Contradictory Demands of Multigenerational Wealth Management.” 

The research indicates that 40.9 percent of high-net-worth (HNW) providers “seek to involve future generations from the outset of the client relationships.” Small, though significant percentages “ask clients and spouses to get their children involved” (27.3 percent) and “hold information sessions with children of current and potential clients, focusing on understanding and managing wealth (25 percent). An additional 6.8 percent develop relationships with clients’ children using other techniques.