Alongside high net worth families and the “great wealth transition” currently taking place is the advisor community that serves those families. Advisors are ageing at roughly the same rate as their clients, and accordingly face a parallel challenge of how they deal with generation change. They too need to do succession planning and find ways be relevant to rising generation family members and to avoid losing clients because they are “their father’s advisor“.
The Wealth 3.0 movement is a call to the wider advisor community to shift the narrative on wealth and how they advise clients. The UHNW Institute is a non-profit think tank and learning exchange seeking to elevate the wealth management industry to a new standard so that families and their advisors can foster prosperous and meaningful relationships from one generation to the next. Tom McCullough’s paper The Rise of the Integrated Advisor is an important resource that can help guide advisors on how they can better serve and retain their clients.