Blog

The Keys to Any Engagement Plan

November 2, 2018

Advisors looking forward to many more productive professional years and who have a desire to increase business value as well as maintain and increase their income, should set an important strategic goal of retaining assets that all too often are moved by adult children upon the death of their parent or parents. Developing an engagement […]

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Educating the Adult Children of a Client Couple

October 26, 2018

For advisors whose clients’ children or grandchildren are under about age 35, developing general educational programs can pay dividends in the form of greater appreciation on the part of a less-engaged client spouse, as well as planting the seed among members of the younger generations that “grandma and grandpa’s” advisor is their advisor too. Next-generation […]

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Ten Elements of Engagement

October 19, 2018

Helping the Millennial and Gen X children of older advisory clients with the non-investment related personal finance issues that are of particular concern to them, can demonstrate to clients’ children not only the value of maintaining their parents’ advisory relationship but also that the advisor truly is interested in their well-being. Specifically, elements of an […]

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Understanding and Working with a Client Couple’s Adult Children

October 12, 2018

Developing closer ties to the adult children of clients is the core of any family engagement program. The numbers alone make a compelling case. An estimated $30 trillion will pass from Baby Boomers to Generation X to Millennials over the next three decades, and even if the numbers are off by several trillion dollars, they […]

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Engaging the Non-Involved Spouse

September 28, 2018

Despite an advisor’s best efforts when dealing with married clients, there are many times when one spouse is less engaged than the other. Often, the reason for the disengagement is a disinterest in financial matters or deference to the spouse who assumes responsibility for the family’s finances. Among older couples especially, the wife often is […]

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Developing an Engagement Plan

September 21, 2018

The underpinnings of a successful engagement plan require taking a holistic view of clients and their families in a way that extends beyond the traditional “know your customer” efforts required by regulations. Developing an engagement plan will put an advisor in a distinct—and advantaged—minority, since such plans currently are absent among most advisors. Recent research […]

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Successfully Engaging Today’s Modern Family

September 18, 2018

The following scenario is all too common. An advisor works with a couple successfully for many, many years, and over time, the advisor’s efforts result in the accumulation of a sizeable nest egg from which the couple begins drawing income in retirement. Even after a decade or more of withdrawals, a considerable sum remains. All […]

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Navigating the Transition Planning Process

August 15, 2018

Once planning for the “what ifs” is handled, it’s time to consider other future events. If an advisor’s primary goal is to continue working as long as possible, transition planning may be more appropriate than succession planning, which is often integral to the planning and preparation for a practice sale. In fact, one can view […]

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Contingency and Transition Planning

August 3, 2018

Advisors whose primary objective is to continue working as long as possible — perhaps at a somewhat lesser pace while maintaining their lifestyle — are likely to benefit from having contingency and transition plans in place. In a sense, having such plans are like creating an insurance policy and an income annuity for the practice. […]

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Why the Reluctance Toward Succession Planning?

July 27, 2018

When asked why they don’t have a succession plan or why they have not made more of an effort to develop one, many advisors will explain — often almost sheepishly — that they are just too busy to get around to doing one, or that they’ve started to develop a plan on several occasions and […]

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