Why Financial Advisors Should Prompt Families to Engage in Crucial Conversations Around Wealth Transfer
The next two decades will be a defining period in the wealth management industry, with an estimated $84.4 trillion in assets being passed down by 20451 . With this unprecedented transfer of wealth, we will see older generations, like Baby Boomers and the Silent Generation, navigating discussions around plans for inheritance and the transfer of funds. As an industry, we have a responsibility to support our clients through this transition, connect with the next generation of clients and serve families in a way that is unique to their needs.
Younger generations, like Gen Z, Millennials and Gen X, are expected to inherit immense wealth and will need support in managing their assets so they are set up for success in their lifetimes and beyond. Financial advisors should see this as an opportunity to build relationships with this next generation of clients by supporting them through this massive transfer of wealth. At Edward Jones, we are setting up our financial advisors with the tools and support to better serve their clients and to help them grow their financial knowledge – so they have the opportunity to achieve what is most important to them.
Bringing Conversations Around Wealth Transfer to the (Dinner) Table
If your clients aren’t already having these conversations with their families, it’s time to prompt them to do so. The good news is our recent research found that a majority of financial advisors surveyed across the industry (89%) report that their clients have a wealth transfer plan in place and nearly two-thirds of financial advisors (65%) say clients are bringing their children or parents to meetings to discuss their wealth transfer plans. It’s promising to see clients engaging their families in these conversations, as earlier involvement creates a sense of trust and intentionality before the transfer takes place and helps set up younger generations for future success.
It’s also key to maintain an ongoing exchange with your clients and their families throughout this process to help ensure responsive action to changes in family dynamics, finances and more. Over three quarters (77%) of financial advisors say they discuss clients’ wealth transfer plans at least quarterly to stay on top of their long-term priorities. In times of transition, our role as a trusted guide to our clients is even more important. We understand that it’s nearly impossible to separate emotions from money, which further underscores why we enable our financial advisors to deliver comprehensive solutions and advice by providing personalized experiences, guidance and tools designed to help more people achieve financially what is most important to them.
Digging Deeper on Values and Goals
We know these conversations are also always changing and financial advisors acknowledge that their conversations with clients around inheritance have shifted in the past five years. For instance, 36% of financial advisors report their client conversations focus more on establishing and growing wealth to use during their lifetime rather than passing on or giving away their wealth. This is why building a deeply personal relationship with your client can help make sure you’re building a comprehensive financial strategy that considers their life, values, goals, aspirations and risk.
Clients and investors today are not just expecting “best in class,” they are looking for what’s “best in life.” That’s why at Edward Jones, our financial advisors are focused on a holistic approach – serving clients with trusted guidance that future generations should benefit from for years to come.
“By digging deeper into their values and goals, financial advisors can set clients up for success as they broach complex conversations with family around wealth transfer and inheritance.”
David Chubak, principal, Head of the U.S. Business Unit, Edward Jones
By Phara Lafortune-Morame, LCSW, MCAP, EMDR cert., QS.There are many reasons that significant moments are often celebrated with a drink. But during the holidays, otherwise-celebratory toasts can be triggers for people who struggle with substance use disorder, including seniors.Some families and cultures have holiday traditions that lean heavily on alcohol consumption. Family recipes for festive cocktails and toasts before dinners reinforce the idea that consumption is part of connecting with loved ones and embracing the holiday spirit.The Distilled Spirits Council of the United States notes that a quarter of the $49-billion-a-year distilled spirits industrys profits come from the month between Thanksgiving and the New Year. Another study notes that the average American drinks 27% more during the holiday season compared to the rest of the year.As a result, the stress and anxiety associated with the holiday season can result in increased consumption or return to drug and alcohol use for those currently in recovery, particularly for older residents, who tend to suffer from depression more during the holidays. Many studies note that nearly half of individuals recovering will return to use during the holiday season.The prevalence of substances in celebrations often mixes badly with the elevated depression and stress the holidays can bring. Expectations for creating and experiencing holiday joy are at the center of potential substance use triggers. When mixed with emotional turmoil, financial stress, loneliness, grief, nostalgia, and dysfunctional and complex family relationships, this can create a desire to seek temporary escape from overwhelming feelings through substances. For those aged 65 and older, alcohol misuse is the most frequently reported substance of use.The use of alcohol in older adults negatively impacts brain structure and function and can lead to declines in cognitive function and memory, particularly for adults over the age of 65. In addition, the bodys ability to break down alcohol decreases with age, resulting in increased risk for accidents and falls, fractures and car accidents. For anyone in recovery from substance use disorder, or concerned about increased consumption through the holidays, it is important to plan.Here are strategies for staying sober: Be aware of people, places or situations that can trigger consumption, and do what you can to minimize these exposures. Keep (and bring, if necessary) a nonalcoholic drink in your hand to resist temptation and discourage others from offering an alcoholic drink. Set realistic expectations. Stress is common for nearly everyone during the holidays, and spontaneous, imperfect moments are often the most memorable and special moments. Take care of yourself. Proper nutrition, exercise and meditation do wonders for your well-being. If you feel well physically, you will be stronger emotionally. Set boundaries, and let people know where you need support in resisting temptations. Have a plan on how to navigate, and more importantly exit social gatherings (For example, do not be dependent on someone else for transportation, so you can leave if needed). Be aware that returning to use a substance after a period of abstinence can happen AFTER the holidays, where we can justify returning to use by feeling entitled to drink or use drugs for having made it through the holidays. Sometimes, we manage better during a crisis than afterward.. Seek professional help and support.Sometimes, substance misuse is difficult to recognize in older adults, and few treatment programs are designed to meet their needs. However, the Primary Care Addiction Treatment (PCAT) program for adults at Healthcare Network follows a supportive, compassionate and nonjudgmental approach to encourage healing and lessen negative effects. The program treats every patient with respect and dignity, using empathetic language to reduce stigma and foster a supportive environment.Healthcare Network also offers medication for addiction treatment (MAT) for opioid use disorder, alcohol use disorder, and other substances within a primary care setting. Comprehensive care includes medication treatment along with behavioral therapy and counseling services to provide a whole-care approach to treating substance use disorders and support recovery.In addition, our primary care programs for the whole family include integrated mental and behavioral health care to address some of the mental health challenges that are sometimes at the root of substance use disorders.Help is available through the holidays and beyond. Supportive treatment can be the gift of a lifetime for you and your loved ones. About the Author By Phara Lafortune-Morame is associate clinical director of behavioral health at Healthcare Network. To learn more about substance use and behavioral and mental health support available Healthcare Network, visit healthcareswfl.org or call 239.658.3000.
Downsizing can be an emotional and overwhelming process, especially when it involves parting with a lifetime of memories and cherished belongings. At Bluestar Move Management, we specialize in making this transition as smooth and positive as possible. Whether youre moving to a smaller home, a senior living community, or simply looking to declutter, our comprehensive downsizing services are designed to support you every step of the way.Why Choose Bluestar for Downsizing?We understand that each move is deeply personal. Our approach combines professionalism, compassion, and respect to ensure your downsizing experience is stress-free. Our team handles every detail, from sorting and organizing to packing and setting up your new home, so you can focus on embracing the next chapter of your life.Our Downsizing Process1. Free ConsultationWe begin with a complimentary one-hour onsite consultation to understand your goals, timeline, and specific needs. This helps us create a tailored plan for your transition.2. Sorting & OrganizingOur team works closely with you to sort through your belongings, helping you decide what to keep, donate, sell, or discard. We treat every item with care, respecting the memories and meaning attached to your possessions.3. Packing with CareWe handle the packing process with precision, ensuring that your items are safely and securely prepared for the move. From fragile keepsakes to everyday essentials, everything is packed with the utmost attention to detail.4. Estate LiquidationIf you have items you no longer need, we can assist with estate sales or donation coordination, helping you simplify your move while maximizing the value of your belongings.5. Moving Day ManagementOn moving day, we oversee all aspects of the process, coordinating with movers and ensuring everything goes according to plan.6. Unpacking & Home SetupOnce you arrive at your new home, we take care of unpacking and arranging your space to make it feel like home. From furniture placement to hanging artwork, we ensure your new environment is comfortable, functional, and welcoming.The Benefits of Downsizing with BluestarReduced Stress: We handle the logistics so you can focus on the emotional and practical aspects of your move.Customized Support: Every downsizing journey is unique, and we adapt our services to meet your specific needs.Professional Expertise: With years of experience, our team knows how to manage every detail of the process efficiently.Emotional Understanding: We recognize the emotional challenges of downsizing and provide compassionate support throughout the process.Additional ServicesDecluttering & Organizing: Create a streamlined, clutter-free living space with our expert organizing services.Donation & Disposal Coordination: We ensure that unwanted items are donated or disposed of responsibly.Home Sale Preparation: Enhance the appeal of your current home with our preparation services, including staging and organizing.Start Your Downsizing Journey TodayDownsizing is more than just a moveits a transition to a new chapter of life. With Bluestar Move Management by your side, you can trust that every step will be handled with care, respect, and professionalism.Contact us today to schedule your free consultation and discover how we can make your downsizing experience as smooth and stress-free as possible.
At Bluestar, we understand that moving is more than just transporting belongingsits about starting fresh in a new space. With our comprehensive moving help services, we aim to make your transition seamless and stress-free. Whether youre relocating to a smaller home, a senior living community, or simply need assistance with the complexities of moving, our expert team is here to guide you every step of the way.Our Moving Help Process1. Free ConsultationYour journey begins with a complimentary one-hour onsite consultation. Well discuss your goals, items for sale, and the timeline for your move, ensuring we understand your unique needs.2. Customized PlanningBased on your consultation, we create a tailored action plan to address every detail of your move. From packing and organizing to setting up your new home, our plan ensures a smooth and efficient process.3. Sorting & Floor PlanningOur team works with you to sort through your belongings, deciding what to keep, donate, sell, or discard. We also create a detailed floor plan for your new space, ensuring everything fits perfectly and is arranged for optimal comfort and functionality.4. Packing & UnpackingWe take care of the packing process with precision, ensuring your items are safely prepared for transport. Upon arrival at your new home, we oversee the unpacking and setup, arranging your furniture, artwork, and personal belongings to make your space feel like home.5. Home Sale PreparationIf youre selling your current home, we help enhance its appeal by organizing belongings, staging key areas, and coordinating with contractors to make necessary improvements. Our goal is to help you achieve the best possible sale.6. Making Your New Space Feel Like HomeOnce youre in your new space, we handle all the final touchesfrom arranging furniture to hanging art and setting up electronics. We also remove all packing materials, leaving your new home clean, organized, and ready to enjoy.Why Choose Bluestar?Expertise You Can Trust: With years of experience, we know how to handle every aspect of your move efficiently and with care.Tailored to You: We understand that no two moves are the same, so we adapt our services to fit your specific needs.Stress-Free Moving: Let us handle the details while you focus on settling into your new space.Comprehensive Services: From sorting and packing to estate sales and home setup, were your one-stop solution for all things moving-related.Additional ServicesEstate Liquidation: Need to downsize or sell items? We manage estate sales to help you simplify your move.Donation Coordination: Let us handle donating items you no longer need, giving back to the community on your behalf.Decluttering & Organizing: We create order out of chaos, ensuring your new home is functional and inviting.Ready to Make Your Move?Bluestars moving help services are designed to take the stress out of your relocation process. From the first consultation to the final unpacking, were here to support you every step of the way.Contact Us TodayTake the first step toward a smooth and stress-free move. Schedule your free consultation with Bluestar, and let us handle the details so you can enjoy the next chapter in your life.
Quite simply, you are my priority. My favorite part of being a financial advisor is getting to know each client on a personal level. Your story, your values, your concerns and your personal goals are just as important to me as your financial goals. Uncovering what is important to you paves the way to building an incredible financial strategy that incorporates every aspect of who you are and what you are seeking to achieve. I work together with my clients by listening to what is truly important to them and using an established process to discover together which strategies and tools will work best for your unique circumstances.Another reason why I work so hard to understand my client's needs is my experience as a father of five and husband to my wife, Ann. I have four boys and one girl: Declan (7), Vaelen (5), Kylian (4) and Lochlann (2). We also added a princess to our rowdy crew, Ailis, in June of 2022. More than ever, I understand that health, safety and security will always be a top priority to my clients just as it is for me. The same care, attention, mindfulness and dedication required as a parent has shaped the way I approach my role as your financial advisor. So, whether it's planning for retirement, saving for education or just trying to protect the financial future of the ones you care for the most, we can work together to develop specific strategies to help you achieve your goals.As a former collegiate athlete for Ave Maria University, I understand the importance of teamwork and being able to rely on those to around you to overcome challenges. Our partnership, the flexibility to work alongside your attorney, accountant and other trusted professionals and the resources at Edward Jones will ensure you receive the most current and comprehensive guidance to make sure you're given everything you need to be confident in your financial strategy.I love what I do, and I'm blessed to be in a role where I can have such a positive impact on my clients' lives and my community!
Quite simply, you are my priority. My favorite part of being a financial advisor is getting to know each client on a personal level. Your story, your values, your concerns and your personal goals are just as important to me as your financial goals. Uncovering what is important to you paves the way to building an incredible financial strategy that incorporates every aspect of who you are and what you are seeking to achieve. I work together with my clients by listening to what is truly important to them and using an established process to discover together which strategies and tools will work best for your unique circumstances.Another reason why I work so hard to understand my client's needs is my experience as a father of five and husband to my wife, Ann. I have four boys and one girl: Declan (7), Vaelen (5), Kylian (4) and Lochlann (2). We also added a princess to our rowdy crew, Ailis, in June of 2022. More than ever, I understand that health, safety and security will always be a top priority to my clients just as it is for me. The same care, attention, mindfulness and dedication required as a parent has shaped the way I approach my role as your financial advisor. So, whether it's planning for retirement, saving for education or just trying to protect the financial future of the ones you care for the most, we can work together to develop specific strategies to help you achieve your goals.As a former collegiate athlete for Ave Maria University, I understand the importance of teamwork and being able to rely on those to around you to overcome challenges. Our partnership, the flexibility to work alongside your attorney, accountant and other trusted professionals and the resources at Edward Jones will ensure you receive the most current and comprehensive guidance to make sure you're given everything you need to be confident in your financial strategy.I love what I do, and I'm blessed to be in a role where I can have such a positive impact on my clients' lives and my community!
Quite simply, you are my priority. My favorite part of being a financial advisor is getting to know each client on a personal level. Your story, your values, your concerns and your personal goals are just as important to me as your financial goals. Uncovering what is important to you paves the way to building an incredible financial strategy that incorporates every aspect of who you are and what you are seeking to achieve. I work together with my clients by listening to what is truly important to them and using an established process to discover together which strategies and tools will work best for your unique circumstances.Another reason why I work so hard to understand my client's needs is my experience as a father of five and husband to my wife, Ann. I have four boys and one girl: Declan (7), Vaelen (5), Kylian (4) and Lochlann (2). We also added a princess to our rowdy crew, Ailis, in June of 2022. More than ever, I understand that health, safety and security will always be a top priority to my clients just as it is for me. The same care, attention, mindfulness and dedication required as a parent has shaped the way I approach my role as your financial advisor. So, whether it's planning for retirement, saving for education or just trying to protect the financial future of the ones you care for the most, we can work together to develop specific strategies to help you achieve your goals.As a former collegiate athlete for Ave Maria University, I understand the importance of teamwork and being able to rely on those to around you to overcome challenges. Our partnership, the flexibility to work alongside your attorney, accountant and other trusted professionals and the resources at Edward Jones will ensure you receive the most current and comprehensive guidance to make sure you're given everything you need to be confident in your financial strategy.I love what I do, and I'm blessed to be in a role where I can have such a positive impact on my clients' lives and my community!