Financial Advisors Should Engage in Wealth Transfer Conversations

Author

Edward Jones - Chris Scanlan

Posted on

Nov 04, 2024

Book/Edition

Florida - Southwest

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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

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Edward Jones - Chris Scanlan

Retirement Planning 3301 Bonita Beach Road Southwest, Bonita Springs, Florida, 34134

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!

Edward Jones - Chris Scanlan

Financial Advisor 3301 Bonita Beach Road Southwest, Bonita Springs, Florida, 34134

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!

Edward Jones - Chris Scanlan

Investments 3301 Bonita Beach Road Southwest, Bonita Springs, Florida, 34134

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!