The great wealth transfer is underway. An estimated $68 trillion will change hands from baby boomers to their children and heirs over the next several decades. As a financial planner, it’s your job to ensure that your clients’ assets are transitioned successfully to the next generation. But what happens if you haven’t built relationships with your client’s children? Where does that money go? The answer is simple – Transfer of Assets. That money goes to their college buddy or worse, they try to manage it themselves. This is the primary reason that 90% of wealth is lost from Gen 1 to Gen 2, with another 20% being lost from Gen 2 to Gen 3. Most are not equipped to manage and sustain that level of wealth. In this blog post, we’ll explore some strategies for how to retain the next generation during the great wealth transfer.

1. Keep the lines of communication open. 

Many times, the reason why the next generation goes to another advisor is because they feel like they aren’t being kept in the loop. Start engaging with them now so that you can be top of mind when it comes time for them to inherit their wealth. If you focus on quality over quantity, you can develop relationships with millennials now that will last for decades. To do that, make sure you are regularly communicating with your clients’ children and keeping them updated on what is going on with their money. This will help build trust and keep them engaged in the process. 

2. Educate them on the process. 

The problem that clients’ children encounter often encounter is that school curriculums don’t teach a practical financial education and their parents often neglect passing this essential life skill onto their children, which leaves them unequipped to deal with sudden wealth. So a lot of times, children don’t fully understand what their parents are doing with their money. If you take the time to educate them on the financial planning process and what you are doing to help their parents reach their goals, it will not only help them better understand what you do, but it will also build trust and show them that you are invested in helping their family succeed. 

3. Make use of technology. 

The last thing you want is for your clients’ children to feel like you are difficult to get ahold of. The next generation is used to getting information at their fingertips whenever they want it. They are also accustomed to doing research online before making major decisions. As a financial planner, you need to be accessible online and also be using technology to your advantage when it comes to things like client portals and e-signatures. This will go a long way in meeting expectations, building trust and ensuring that they feel comfortable working with you.

This is where Fynancial adds a tremendous amount of value by offering custom branded mobile apps that meet the next generation of clients where they are: on their phones! Fynancial gives advisors the ability to be in their clients’ pockets via their firm’s own mobile app that serves as a centralized hub for all of your communication, scheduling, content, documents, relevant links and resources. It’s a great way to meet the continuously evolving expectations while drastically enhancing the overall client experience. 


The great wealth transfer is one of the biggest opportunities for financial advisors today. By following these key strategies, you can ensure that your clients’ most valuable assets (their children) stay with you and that their money ends up where it belongs—with you! By understanding educating them, using technology to your advantage, and engaging with them regularly now before they inherit their wealth, you can position yourself as a trusted advisor for years to come.

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