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Understanding the Transition of Trusted Advisor Relationships

By Family Wealth AdvisoryNovember, 2018March 17th, 20242 min read

With all the talk about intergenerational wealth transition, another very important topic doesn’t get the attention it deserves: transition of trusted adviser relationships.

The baby boomer generation of advisers manage a third of all client assets, and they too have retirement plans. Firms need to manage the succession planning of these advisers, and this means both advisers and families need to manage the transition of the relationships.

In my family, we’ve had relationships with banks, accounting and legal firms that have spanned 60+ years and 2-3 generations. In large banks, people move around all the time, but with accounting, legal, and investment advisers (depending on the size of the firms), the key account managers tend to stay around for longer. In those situations, the relationship transition needs to be actively managed.

Younger generations want to talk to advisers who understand them, and who are able to view them as the owners, not the children-of. It therefore stands to reason that advisers need to lead the way on transitioning.

Consider This: How long have key trusted adviser relationships been in place in your family? Are the firms you deal with family businesses themselves? What are you and they doing about laying the foundation for the next set of relationships between the family and its advisers?

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