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Hold On! Strategies to stem the outflow of assets as they transition to the next generation
Manage episode 459794984 series 3582122
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In this episode, Ray Sclafani discusses the critical strategies financial advisors must adopt to retain assets during wealth transitions to the next generation. He emphasizes the importance of building genuine connections with clients' heirs, adapting service models, enhancing technology, and integrating estate planning and philanthropy into advisory relationships. The episode also highlights the need for proactive engagement with younger clients and the significance of creating a clear succession plan to ensure long-term success in wealth management.
Key Takeaways
- Most advisors lose assets during wealth transfer.
- Building relationships with heirs is crucial.
- Younger clients prefer planning-focused relationships.
- Involve the next generation in financial planning.
- Succession planning is vital for retaining clients.
- Women will inherit a significant portion of wealth.
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