In the latest episode of the Top Advisor Podcast, Bill Cates talks to our founder, Josh Kanter, about the ongoing evolution of the wealth management industry, the concept of the 100 year family, the ‘integrated advisor,’ the great wealth transfer, family meetings, and the role of the family owner’s manual. This conversation offers valuable insights to advisors navigating the challenges of differentiating their offerings, and preserving wealth, and client relationships across generations.
These challenges are highlighted in recent studies that suggest that:
- 85% of high-net-worth clients believe that increased communication would significantly enhance their confidence in their advisor
- 81% of clients say increased communication would increase their likelihood of recommending their services to someone else
- 71% of consumers report being more confused after they meet with an advisor than before
- 70% of heirs are likely to fire or change financial advisors after inheriting their parents’ wealth, according to Cerulli. (Note: A similar percentage of women change financial advisors after the death of their spouse).
- 51% of clients who had over $10 million in personal AUM indicated that they would seek a new advisor to oversee all of their assets if they received a significant inheritance
- Only 21% of heirs are told how the structures used to transfer wealth worked
- Only 17% of heirs are introduced to individuals who would manage the wealth transfer
- Only 12% of heirs are educated about budgeting and financial management
- Only 12% of heirs are educated about investing
- Only 10% of clients said that their estate plan dealt with their goals, wants, and objectives
- Only 5% of heirs are educated about the broader aspects of wealth
The 100-Year Family Concept: Building a Legacy for Generations
Josh talks about the concept of the 100-Year Family - a philosophy that encourages families to create wealth strategies that not only serve the current generation but also ensure long-term legacy building. By thinking beyond the immediate, families can preserve their wealth for the next 100 years and beyond
Preparing for the $84 Trillion Generational Wealth Transfer
With $84 trillion in wealth set to transfer over the coming decades, Josh emphasizes the need for families to prepare for this monumental shift. He discusses the critical role of family meetings in facilitating smooth wealth transitions. However, these meetings can be challenging due to their complexity, and Josh explains how leafplanner can help families organize and streamline these discussions for better alignment and communication.
How leafplanner Simplifies Family Wealth Management
leafplanner offers a centralized platform that aggregates and organizes a family’s wealth, ensuring all members and advisors have access to the same information. The platform helps families create a holistic view of their financial ecosystem, making it easier to identify potential blind spots and address them proactively.
Key Features of leafplanner
- Family and advisor education, empowerment, and engagement
- Blind spot identification
- Dynamic information and workflow management
- Transition and succession planning
Empowering Families for the Future
leafplanner is a tool designed to empower families to engage with and manage their wealth more effectively. By providing a comprehensive view of not just the ‘what and where,’ but the ‘how and why’ as well, while enhancing collaboration and transparency, ensuring a family’s legacy is preserved and passed on seamlessly.
This episode is a must-listen for advisors looking for strategies to manage client families with multigenerational wealth, and to ensure client retention during generational transitions leafplanner offers a modern, innovative solution to help families and their advisors stay educated, engaged, and prepared for the future.
