Family Wealth Planning Course  

Getting to grips with intergenerational wealth planning

  • Describe some of the challenges with retaining children of clients
  • Explain ways to recruit them
  • Identify how they differ from their parents
CPD
Approx.30min

The director and chartered financial planner at Berkshire-based Craufurd Hale Wealth Management says: “When I speak to advisers, most don’t want to get involved because they do not see it is as profitable business. Their view is that that the sons, daughters, nieces [and] nephews will simply spend the cash.

“I believe this is the incorrect view to take. Yes, they will use the cash, but they will require their own financial planning advice. They will be on their own journey. The mindset needs to shift from assets under management or funds under management.”

Article continues after advert

However, he insists that advisers should offer help to younger clients to enable them to save efficiently for their future.  

“It might be as simple as guiding them and educating them about the importance of planning. You talk about the financial planning journey and what the different lifecycles represent in a typical client lifecycle,” Raghwani continues.

"I try to get introduced to the children of my clients at some point so they know who I am. I always explain that if any of the children want to ask questions, I would be more than happy to help them by providing guidance. I tell their children, ‘should anything happen to your parents, I would be happy to assist in any way I can’.”

When advisory companies do get to grips with intergenerational wealth planning, it can be one of the most rewarding parts of their business.

Siddle adds: “Working across generations to ensure the transfer of wealth and assets is managed in the most efficient way for everyone is hugely satisfying.

“Working alongside two or three generations, often their spouses, their business advisers, solicitor, and accountant to build a suitable strategy for all involved and ensure all parts of the jigsaw fit together is an enjoyable experience — one which allows us to use our technical prowess to best effect and give great outcomes.”

Aamina Zafar is a freelance journalist

CPD
Approx.30min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. Which generation is called the 'inheritance generation'?

  2. What is the first thing advisers should do tp help younger members of a client's family?

  3. Children or grandchildren can be nominated as beneficiaries of a Sipp, true or false?

  4. Why are some advisers not equipped with dealing with wealth management across the generations?

  5. It is certain that children of clients are not good candidates for financial advice because they will always spend any money they have, true or false?

  6. Which of the following is NOT a commonly perceived problem clients bring?

Nearly There…

You have successfully answered all the questions correctly, well done!

You should now know…

  • Describe some of the challenges with retaining children of clients
  • Explain ways to recruit them
  • Identify how they differ from their parents

I completed this CPD in

To bank your CPD please complete the form below.

Were the stated learning objectives met?

Why weren't they met?

What did you learn from undertaking this CPD exercise?

Why did you undertake this piece of learning?

Any comments about this article or FTAdviser's CPD in general?

Banked!

Congratulations, you have successfully completed and banked this piece of CPD

Already Banked!

You have already banked for this article.

To bank your CPD you must or

Register

One or more questions have been incorrectly answered,
 please review your answers and try again.

Please complete all the above text fields to bank your CPD.

More Your Industry CPDSee my completed CPDSee all CPD