“Unfortunately, many clients are still unwilling or feel uncomfortable sharing their net worth or assets with their children. This is understandable, but when they are placing those children often as 100 per cent beneficiaries it is surprising that it is not more of an open conversation.”
Post-pandemic the profession must strive to bolster their soft skills, particularly those new advisers who may now have more experience of conducting meetings virtually, Lord warns.
“Particularly in relation to intergenerational wealth it is important that planners are cognisant of the different needs of their different client demographics and can apply their soft skills to best effect when doing so,” Lord adds.
Amy Austin is a senior reporter at FTAdviser
