Mr Pennington says intergenerational planning is becoming more common across the industry.
“Often clients are lacking advice in their earlier years, and one of the key things advisers can alert them to is opportunities for planning in their later years,” he says.
Mr Pennington adds: “We have a lot of conversations where we have multi-generations of families around the table.”
He highlights that a key part of HNW planning involves not only identifying preferences of clients, but also providing for their beneficiaries.
Mr Pennington says working for HNW individuals inspired his entry into the wealth management industry.
“I joined the wealth management industry because I am interested in having a technical role in what is otherwise known as a services-based industry,” he says.
The financial crisis of 2008 also played a pivotal role in Mr Pennington’s decision to pursue wealth management.
“After the market crash of 2008, I found an opportunity to work in the HNW sector, and I have been advising HNW clients since.”
“Some of my most interesting years were advising VIP clients for Barclays, which ranged from advising politically exposed people to entrepreneurs and HNW clients,” he adds.
He entered the industry in 2006, working for the Bank of Scotland Investment Service.
“I learnt to grow my own practice; my remit was to find and engage my own clients, which gave me opportunities to meet interesting people, and I then became aware I wanted to advise HNW individuals.”
Mr Pennington says HNW clients can at times be overly focused on geopolitical events.
At the time of writing, coronavirus has infected more than 80,000 people in China alone, where the outbreak originated. More than 5,000 have passed away due to the pandemic.
But he cautions that all clients need to be aware of the impact of global events on overall wealth.
He thinks it is important for individuals to take a long-term view and remain invested.
“Those who took a long-term view during the big issues of the financial crisis and stayed invested won in the end, and those who took a short-term view and moved into cash often lost.”
He urges financial advisers to retain their clients’ positions to prevent clients from missing out on lucrative opportunities.
Saloni Sardana is features writer at FTAdviser and Financial Adviser