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Business Development Include client’s children in financial planning

Include client’s children in financial planning

A white paper published by IMCA International says that advisors stand a better chance of onboarding their client’s children if they include them in the financial planning process of the client.
R Daya May 12, 2017

A recent white paper IMCA International released reveals that in 66% cases the new generation, i.e. millennials, leave their parents’ financial planners after they inherit their wealth. “It’s time for advisors who are worried about their AUM to rethink and broaden their view of the traditional client relationship. Refocusing on the client’s children and family can go a long way in retaining both the client and the assets,” says the white paper.

What IFAs can do?

  1. Form intergenerational relationships: IFAs can include the next generation by hosting beneficiary meetings and help clients talk about finance and planning with their children and grandchildren. “Think beyond the traditional educational seminar or workshop and consider a pub quiz or a cooking class, while interacting with the younger generation,” says the whitepaper
  2. Connect the dots: Connect the services and products to the younger generation. “This generation seeks current meaning and context in all things including financial planning and investments, by providing this to them IFAs can connect,” it says.
  3. Multigenerational teams: First, introspect if your business model is equipped to manage and attract younger clients and the diversity they represent. “Only if you provide specialised advice and unique investment ideals will the next generation stay on,”says the white paper.
  4. Provide info they cannot get: This generation does its research and has up to date information, your value add is to provide context and insight. By proactively providing information that they cannot get on his or her own, an advisor can make himself invaluable to a millennial client, says the paper.
  5. Embrace tech: Millennials are online so you need to be online too. IFAs must understand that millennials make decisions and transact business with less in-person interaction and prefer communicating through a variety of platforms like text, tweet, and blog and prefer using LinkedIn, Pinterest and Facebook.





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