In the Advisor's Emotions section from the April issue of On Wall Street magazine< >, columnist Denise Federer focused on how advisors should prepare for a family meeting.
The issue came up again at SIFMA's Private Client Conference at a session on intergenerational wealth transfer. Executives from Edward Jones, Fidelity and Merrill Lynch shared their strategies to having an effective family meeting that will keep everyone together and help the advisor keep favor with younger generations. With all the anticipation of a large transfer of intergenerational wealth, a lot can be at stake for advisors presiding over high net worth clients at these meetings.
"By being fully engaged in this essential role you can occupy a unique niche for your key clients," Federer wrote. "Incorporating this essential service into your practice allows you to not only create loyal advocates of your current clients, but potentially to gain their children as clients and retain the family assets."
Click through for a rundown of some of the top tips for planning for and executing a successful family meeting:
For the text-version of the slideshow, click here.