Ian Dyall says wealth managers risk alienating the next generation of clients by “trying to show off how much they know” when meeting them for the first time.
The head of estate planning at Evelyn Partners says that discussing the future with wealthy heirs requires a “human and technical” conversation, but that he doesn’t want them to be “confused by the science.” He said there was a risk of
Dial added that the nature of these conversations is changing over the years as people live longer.
“Because our clients are living a long time, perhaps into their 80s or 90s, their heirs themselves may be retiring or have more money than they need right away, so of course it’s important to assess that,” he said. spoke.
Alan Kinnaird, business development manager at Walker Cripps, said his company offers financial education courses, including lunchtime seminars, for heirs of clients, who may be able to take them from the age of 18. said.
These can be small or large groups, he said. “It is important to understand their existing level of financial knowledge about the financial markets. has proven popular over the years.
“Many young customers now want to start saving and investing on a solid foundation and want to know what proper financial management looks like. We can bring in experts from the department and get a comprehensive view of what a properly structured financial plan looks like.”
Minesh Patel, an independent financial adviser in London, said the key for him was that it was “not too late” to have a conversation with the next generation.
He says, “When it comes to inheritance tax planning, it is very important to make gifts on an ongoing basis, regardless of whether the money is used for university tuition or to buy a home.At that stage, as an advisor, you should consider giving gifts to your children and grandchildren. If we can have a conversation, that would be really great.” The next generation will be familiar with financial planning to help them in the future, and in time they may even become your customers. ”
