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March 13, 2017 at 11:24 AM
The “best advisors” are changing their business practices, migrating from serving a single individual client or couple to serving multiple members of the same family, says Ned Dane, head of the private client group at OppeneimerFunds.
With that in mind, Oppenheimer has partnered with Legacy Capitals, a provider of advice and education to wealthy families and their advisors, to offer a series of workshops for financial advisors who serve high-net-worth and ultra-high net worth clients to help them make that change.
(Related on ThinkAdvisor: What HNWs Want That Advisors Aren’t Doing)
“Being a successful advisor to high-net-worth families requires engaging and advising the entire family, including spouses, children and grandchildren,” said Dane in a press release. “Advisors must adjust their approach from one-to-one to one-to family if they want to help their clients achieve the financial legacy they desire.”
That approach can help them retain clients when wealth changes hands from one generation to the next and from one spouse to another following a death or impairment.
“When wealth changes hands, many advisors can lose business if they don’t have a good relationship with those family members who inherit the money,” Dane tells ThinkAdvisor. “If you don’t know other member of a family there are pretty high odds you’re not going to work with them when a client dies.”
(Related on ThinkAdvisor: Wealthy Women Are More ‘Advisor Oriented’ Than Men)
Numerous studies show that widows often drop advisors if they feel the primary relationship was with the deceased spouse and that many millennials, who will eventually inherit some or all of their parents’ wealth, have a very different approach to money management than their parents.
