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You’ve spent a lifetime learning, working, planning, and providing for your family. However, one of the most challenging tasks you must face is what will happen to your estate when you can no longer manage it.

When succession plans are addressed in families, challenging and often emotional conversations arise. These may include differences of opinion on the distribution of assets or the future of the family’s wealth. The key to a smooth succession is keeping a pragmatic view and organizing a well-planned transfer of your investments, property, and personal items.

As a wealth advisor, you’ve played an integral role in guiding clients toward the most suitable investment strategies. Sometimes, you and your client have known each other for decades. You were a part of their lives when their children were born, went off to school, and got married.

Now, those same children could be your future clients. You could guide the next generation toward financial success.

When you’ve developed strong bonds with long-term clients, it makes sense that their legacy continues via their children. Nurturing these new relationships could involve inviting them to family events, sharing resources about wealth management, or offering to educate them. This builds a natural progression of trust, and you are perfectly aligned to maintain these connections.

Keep It In The Family:

  • Your client’s children often share the same core values as their parents.
  • You’ve developed trust and a proven track record of success.
  • Your management and investment philosophies are known commodities to the family.
  • At a time when the family faces numerous changes, you can be a constant.
  • Your inside knowledge of your client’s portfolio makes for a seamless transition.

Open communication within the family is crucial for ease of succession. If there are rifts or worries about who is getting what, much of that can be resolved with careful consideration, particularly when it comes to a Will and Directives. Be clear about who inherits Aunt Vera’s watercolour paintings and who gets the Blue Jays’ season tickets.

Wealth advisors and their teams are critical in guiding clients toward a smooth succession. They rely on your expertise to help them put a plan in place, communicate it to their family and associates, and execute it.

According to Advisors.to coach Brent Moody:

“You need to identify the “must haves” and “must nots” and be mindful of mitigating fear, apprehension, and turbulence in this process. Remember, it’s about them and then you. With that in mind, it’s time to create familiarity, consistency, and comfort with a mind-easing sense of safety and security.”

When the time comes to put your succession into action, incorporate these elements to ensure a smooth transition.

The Advisors Team