Advisers who fail to build relationships with clients’ family members risk destroying the value of their business as wealth is passed on to the next generation, delegates heard.
Schroders intermediary solutions director Gillian Hepburn said it is essential advisers identify where client assets will flow upon client death, and for intermediaries to build relationships with likely beneficiaries now. "Intergenerational wealth transfer is an opportunity, yes, but advisers need to think about the strategy they have in place," she said. She urged advice firms to conduct a full client audit to identify where assets will likely be distributed and make plans to engage with the next generation of clients. "Advisers are really starting to engage with this. An audit i...
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