Helping Wealthy Clients Pass On Wisdom – Not Just Their Money

Helping Wealthy Clients Pass On Wisdom – Not Just Their Money

A recent survey involving so-called Baby Boomers, conducted by Allianz American Legacies Pulse Survey, revealed something at first startling, but perhaps not so curious after all, as it lies so close to the heart: 86% of respondents rated family stories as more valuable than money.

Lore ranks higher than lucre: this bears examination.

Wealth wisely invested and prudently protected is still vulnerable: history endlessly bears this out. Family, though – that has a life as long as the stars, or so it seems. No matter how desperately we declare our singularity, countless  facets of our personalities are absorbed from family. Family stories teach trenchant lessons and clients, particularly the high-net-worth variety, often want to pass this wisdom onto succeeding generations. This is a noble ideal, as they’re likely to need it.

As their advisor, you can help them in this task. Successive generations have a regrettable tendency to lose the wealth their forebears created. Family stories can help break this trend. Knowing how wealth was created, the work and sacrifice, may instill a sense of privilege – the good kind, which builds respect and responsibility – that encourages husbandry and sound action, and opposes indulgent frittering of unearned riches.

What should you do to help preserve an elderly client’s memories? It’s a simple matter to record their storytelling or have them sit down to create a video – future generations would probably enjoy this, seeing and hearing a relative from the deep past. Keeping files up to date and solidly backed up is essential. Even better, perhaps, would be to create a physical book. This is easy these days and myriad digital tools are available to help. A handsome volume can be printed for a reasonable sum that can sit on family bookshelves for generations.

For more information, please read:
Clients Value Passing on Stories More Than Wealth | Wealth Management


Can the Alzheimer’s Biomarker Lead to ‘Insurance Discrimination’? Why Financial Advisors Should Sell Life Insurance