Wealth planning needs of internationally mobile clients

As in point one, Generations Y and Z (those aged 18 to 35) tend to think differently about advice, putting value on unique or tailored advice to them and their circumstances.

They want ‘goals based advice’ and frequently insist in understanding, and controlling, the financial advice they receive.

Growing up in the ‘digital revolution,’ this includes advice on demand, anywhere and at any time. As older generations age, these groups will one day make up the largest percentage of HNWIs with the format and audience of advice changing with it.

9) Playing the long game

Life is, we all hope, a long-term game and ensuring that wealth is preserved, grows and is available in years to come is essential.  

This includes preserving access to historical, or creating new, relationships with investment managers who manage and invest (earned and inherited) wealth and asset portfolios. 

Advisers increasingly service clients across the wealth and age spectrum, comparing “when can I retire?” with “will I outlive my wealth?”.

The common factor is retirement security, complicated by life expectancy, healthcare costs and the fact advisers cannot see the future.

Advisers should not then focus on one or either, but both. Encouraging a balance of long and short-term financial goals and planning. 

While the tax, legal and political landscape continues to change, HNWIs will need to adapt to a world focusing more and more on transparency, compliance and anti-avoidance.

Lana Corrienne Mallon is senior wealth planner at Lombard International