As a Financial Advisor dedicated to bringing financial wellness to your clients, you are instrumental in helping people achieve their dreams by establishing investment goals and devising strategies to get them there. Often those dreams revolve around how to pay for the kids' college and how to be best set up for retirement.
If their dreams are coming true and the financial planning you’ve provided has been successful,then your clients have hopefully found themselves in the company of older adults that own the vast majority of wealth in the U.S.
However, beyond their dreams, there is the inevitable reality of dealing with how those assets will pass on to their family.
With an estimated 83% of all assets owned by individuals over the age of 50*, your clients are part of the aging Baby Boom generation that is surging into a massive wave of personal wealth transfers...and that surge is just getting underway.
Over the course of the next 25 years, it is estimated that roughly 45 million U.S. households will transfer a total of $70 trillion to heirs and charity.**
‘Hang Ten’ by Proactively Engaging Clients
So, are you ready to‘ ride the wave’? Riding the wealth-transfer wave means proactively engaging clients and their families on managing the “inevitable” before it is too late.
Leveraging your financial expertise, introduce estate planning as part of a holistic financial plan. Build trust with your clients and their beneficiaries by helping them understand how estate planning can smooth the wealth transfer process, decrease costs, and help keep family harmony.
Some families are torn apart by animosity when parents pass, and the announcement of beneficiaries is a surprise. Furthermore, due to a lack of communication, understanding, and trust amongst family members, unprepared beneficiaries often let family wealth slip away, with over 70% of family wealth lost by the second-generation.
And for those beneficiaries that just so happen to be investment-savvy, an estimated 87% of them fire their parent’s unfamiliar financial advisor either to manage the money themselves or move it to a rival investment firm.
Don’t ‘Wipeout’ by Being Unprepared
A wave of a tremendous opportunity is approaching...and you need to position yourself to stem the loss of wealth due to unpreparedness or lack of trust by cultivating relationships now with your clients and their beneficiaries and providing valuable estate planning advice.
To help you confidently rise with the wealth transfer tide and build those trusting relationships, there is a technology solution and services partner that empowers you to manage the estate planning process and educate beneficiaries about a grantor’s wealth transfer requests. To ride the wave, you need Trucendent.
Trucendent is an estate planning platform built for Financial Advisors. Trucendent helps you identify clients that can benefit from a trust and connect them with great estate planners from our vetted attorney network who will design and draft documents for a sound wealth transfer plan.
Trucendent can also help you pair clients and beneficiaries with one of our professional corporate trustee partners that excel at trust administration while insisting that you as the advisor are the best person to continue to manage the assets in the trust.
Help your Clients ‘Get Stoked’ about Estate Planning
Holistic financial planning advice that includes estate planning demonstrates you have the best interests of your clients and their family at heart. They will appreciate your sincere efforts to define wealth transfer goals and protect their assets with a well-designed trust strategy from Trucendent’s network of attorneys and corporate trustees.
Cultivate relationships now using Trucendent. Grow your assets under management with an estate planning solution that helps you build trust with clients and maintain a relationship with the next generation.
Get ready to ride the wealth transfer wave. Ride the wave with Trucendent.
* Cognitive Overload: The Coming Surge In Diminished Capacity Cases And What Wealth Management Firms Can Do To Protect Their Clients And Themselves, Whealthcare Planning, Apr 2021
** The $70 Trillion Dollar Opportunity: Understanding the Implications of Multigenerational Wealth Transfer, Cerulli Associates, Feb 2020