Advisers urged to include clients' families in meetings


The best thing advisers can do to ensure they make the most of a potential intergenerational windfall is to bring the client's family into the conversation, according to Tracy Crookes.

Speaking on the FTAdviser podcast, Ms Crookes, chartered financial planner at Quilter Private Client Advisers, said bringing other family members into client conversations meant their children understood their parent's wealth and it got people talking about money.

She said: "We don't talk about money enough. Sometimes it's hard to convince the parents or grandparents to invite their children in but it's important."

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Ms Crookes also thought it was a good opportunity for advisers to extend the lifespan of their service through their relationship with the family. 

"By looking after the grandparents, parents and kids you then have the succession planning for your business as well."

She was discussing the concerns over advisers missing out on a generational windfall by failing to service the young people likely to inherit their current client’s wealth with Tom Selby, senior analyst at AJ Bell.

Mr Selby agreed there was huge value for financial advisers in bringing in family members to discuss the key issues.

He added: "Financial advisers are in an incredibly important position where there are taboos around death and money.

"The value that can be brought there by good financial advisers to bring family members together and talk about these issues and make these issues less difficult is hugely important."

Mr Selby also thought few people actively sought financial advice and that bringing family members into the equation could mean more people were educated about finance.

This in turn could mean more people were saving enough to fund their retirement and in general people would be more financially secure.

Ms Crookes and Mr Selby also discussed how advisers should shake up the way they correspond with younger clients who may want more of a technology-based service as well as the effect of changes to pension rules on passing on wealth.

To listen to the full podcast, click on the link above. FTAdviser's podcasts are available on Acast and are also available to download on iTunes.

Each week, FTAdviser is joined by guests from the industry to discuss pressing industry issues.


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