You’ve heard “Use it or lose it.” Well, when it comes to your clients’ kids, it’s “Know them or lose them.”
That means, you need to get to know them well—before the clients pass away and their money transfers to the next generation, according to financial advisors and firm executives who handle this issue on a frequent basis.
Will O’Rourke, wealth and estate planner at Prime Capital Investment Advisors, headquartered in Overland Park, Kan., with $22 billion in AUM, added, “As trillions change hands in coming years, advisors who lay the groundwork now will be best positioned to retain assets within the families they serve across generations.”
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