WOW Now – Or it Could be too Late
It’s no secret that in a fiduciary era, expanding the advice and services you provide clients has become imperative. A key area where you can highlight the true value of your relationship is by connecting across generations. Beyond investing, discussions surrounding wealth transfer and heir preparedness are now an increasingly important part of the dialogue.
Bridging the Gap
Sometimes bridging the communication gap between clients and their families can start early – and with a simple WOW moment. While not all of a client’s children may be old enough to be part of a financial dialogue just yet, building trust across generations is a long-term investment of time and care. For example, remembering to send a birthday card to your client’s children – and maybe even sneaking in a gift certificate for some Dairy Queen – can help kids literally eat up the experience. And as they grow older, they become familiar with whom their parents rely on, and accept you as one of their family’s trusted partners, well before a life-changing event takes place.
With summer vacation but weeks away, WOW parents and children alike by sending your clients a theme park “survival” basket filled with thoughtful items: autograph book, sunscreen, hand sanitizer, baby wipes, ibuprofen, Band-Aids, healthy snacks, coloring activity books and crayons for the kids.
A true WOW gift is not about cost: it’s about being creative with a personalized gesture. Listening carefully, identifying passions and acting with surprise are key components of a commitment to WOW.
Don’t underestimate the power of incorporating WOW across generations into your practice. An estimated $59 trillion, divided among heirs, charities, estate taxes and estate closing costs, will be transferred from 93.6 million American estates between 2007 and 2061. A whopping 80% of widows switch advisors after the death of a spouse1 and 66% of children do the same2. Will you be the one that families continue to trust when a life change takes place?
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