Why most winners of the Nobel Prize in economics couldn’t do an advisor's job.
In this first segment of the All in the Family: Managing Legacy Wealth program, we will delve into how to address your practice gaps.
In this third segment of the All in the Family: Managing Legacy Wealth program, we will delve into a new standard for you and your team.
An “Ethical Will” (or “Family Legacy Letter”) is the product of an ancient tradition in which individuals share their life story, personal values, beliefs, blessings, and advice with future generations. According to Dr. Barry K. Baines, the author of Ethical Wills, “legal wills bequeath valuables, ethical wills bequeath values.”
This program consists of four presentations with multiple worksheets, checklists, and brochures. It is designed to help advisors transform their businesses into legacy wealth practices and create organic growth by capturing more assets with existing clients, cultivating relationships with family members (thereby increasing retention upon wealth transfer), and generating new business.
In order to “close the gaps” that are preventing you from operating a true Legacy Wealth Management practice, you need a plan. The plan will be based on the goals you identified in your “Vision Worksheet” and will include tactics that are based on the gaps you identified in your “Gap Analysis.” It is important to prioritize the goals you want to achieve and the gaps you want to close. If you take on too much at once, it will seem overwhelming and may cause you to abandon the process.
A growing body of research shows that financial advisors help investors make better decisions, which increases their investment returns.
Although dividends have accounted for approximately 40% of the total return of the S&P 500 Index over the past 87 years, for some reason, their importance has been overlooked. But, as more investors think about longevity and look for high and growing investments that generate high and growing income, dividends will certainly gain favor.
As an advisor who works with multiple generations of your clients’ families, you are in the position to help your clients start a tradition that guarantees future generations of their family will know about them, the life decisions they made, and the values that guided their lives. That tradition is called an ethical will.
Today, increases in longevity and the decisions associated with longer life are demanding that you help your clients prepare for the future. This may mean developing a plan that integrates health care, financial management and life goals into a strategy that supports and enhances their second half of life.
Retiring the traditional retirement conversation and refocusing on the longevity journey doesn’t simplify life. It challenges us to broaden our perspective and increases the importance of the decisions we make relative to our health, our wealth, and how each of us uses our life’s wisdom to prepare for an abundant second half.
Every so often, a book linking spirituality to investing hits the market. While some of us consider any instance where we part with a sizeable chunk of change a spiritual experience, that isn’t the essence of spiritual investing. According to...
The old adage, “From shirtsleeves to shirtsleeves in three generations”, describes the challenge of sustaining family wealth. While it makes sense to take adages with a grain of salt...
Robo advisers offer some advantages, but the most comprehensive financial guidance still requires human touch.