Next-Gen Engagement: How to Keep Heirs From Leaving Your Practice

You've spent 15 years with one family: every market volatility conversation, every financial planning meeting, every infrastructure decision that protected what they built for the next generation. Then the funeral comes, and you're standing next to a stranger who doesn't know your name or what you did for mom and dad. The video above lays out how to change that before it happens.

Why Do Heirs Change Financial Advisors?

According to Cerulli Associates (2021), more than 70% of heirs are likely to fire or change financial advisors after inheriting their parents' wealth. It isn't because the advisor failed at the role. It's because the next generation doesn't even know the advisor's role, and that is on us.

Why Are Financial Planners the Family's Financial Archivists?

Financial planners are the financial archivists for households. After all, we helped organize where the family's treasure is buried in the first place. If we don't show the next generation that we have a family treasure map, then we're not being the advocates our clients expect us to be.

What Is the Asset-Map Family Meeting?

It's a single meeting, held every three to five years, with everyone invested in the best outcome. Invite your clients, their next generation, their executors, trustees, and Power of Attorney, their estate attorney, and even the CPA. One room, and you are in charge, facilitating the conversation.

How Do You Run a Family Meeting That Makes Your Value Visible?

Start by reviewing priorities, so no one is unclear about what matters to your clients and the guiding principles behind their financial legacy. Then review the people, entities, and roles around the table, how they work, and their expectations and responsibilities. Finally, unveil the treasure map so everyone can see the current complexity and the financial infrastructure in place. Now the next generation isn't meeting a stranger. They're recognizing the thoughtful work you've done for the family, and they see the value you bring.

See how Asset-Map fits into your practice — schedule a free demo.

Full Video Transcript

Fifteen years working with one family: every market volatility conversation, every financial planning meeting, every infrastructure decision that protected what they built for the next generation. Then the funeral comes, and you're standing next to a stranger who's about to unknowingly throw it all out the window, because they don't know your name, and more importantly, they don't know what you did for mom and dad.

It's not surprising that 70% of heirs are expected to change advisors, not because you failed at your role, but because the next generation doesn't even know your role. And that is on us.

Financial planners are the financial archivists for households. After all, we helped organize where the family's treasure is buried in the first place. If we don't show the next generation that we have a family treasure map, then we're not being the advocates our clients are expecting from us.

I've seen a lot of techniques tried over the last three decades as a recovering financial planner, and the most impactful moment for generational planning is simple: the Asset-Map Family Meeting. Imagine inviting your clients, their next generation, their executors, trustees, and Power of Attorney, their estate attorney, and even the CPA. One room. Every three to five years. You are in charge.

You facilitate a conversation with everyone who's invested in the best outcome here. You review priorities so no one is unclear about what matters to your clients and the guiding principles behind their financial legacy. You review the people and entities and roles around the table, how they work, and their expectations and responsibilities. And then you unveil their treasure map so everyone can see the current complexity and the financial infrastructure currently in place.

Now the next generation isn't meeting a stranger. They're recognizing the thoughtful work you've done for the family, and they see the value you bring. It's time to make that value visible.

If you want to show up as the family's trusted advisor, see how Asset-Map is helping thousands of advisors do just that.