Skip to main content
Search

Talking to your clients: simple steps for advisers to add value to annual reviews

Date: 28 June 2021

3 minute read

Meeting with clients allows advisers to demonstrate their own value, as well as better understand their client’s financial goals. But what role should intergenerational wealth play in these annual conversations?

Arguably one of the most important meetings in an adviser’s calendar is the annual review, providing them with the opportunity to review their client’s financial goals and ensure they are still on track.

And when viewed through the prism of intergenerational wealth, these annual meetings can create an excellent opportunity to create relationships with your clients nearest and dearest.

Discussing intergenerational wealth transfer planning improves the likelihood of family members becoming your clients.

Target client referrals at other family members

All generations are happy to get involved with intergenerational wealth transfer planning.
Only 24% of Baby Boomers, 15% of Generation X and 7% of Millennials would not be happy.

Discussing intergenerational wealth transfer planning improves the likelihood of family members becoming your clients.
74% of Generation X and 80% of Millennials would considering working with the same financial adviser who was involved in the inheritance plan.*

*The research was commissioned by Quilter and undertaken by YouGov Plc, an independent research agency. All figures, unless otherwise stated, are from YouGov Plc. The total sample size is 1,544 UK adults, comprised of 529 Baby Boomers, 501 Generation Xers and 514 Millennials. Fieldwork was undertaken between 07/07/2020 - 08/07/2020. The survey was carried out online.

 

Position yourself as an expert

It is dangerous to assume that your clients will automatically involve you in intergenerational wealth transfers. So, use your annual review to create trust and be the go-to professional regarding this most intimate area of financial planning.

A simple example could be a “I saw this and thought of you” message – sharing with them pertinent and salient information in the meeting, which can be followed up with further communication in the following days and weeks. This will accelerate trust in an ethical and transparent way.

A good example is Quilter’s ready-made Financial Passport template – an indispensable reference resource for the management of your client’s wealth.

Download Financial Passport template

Demonstrate how you will secure and grow wealth for the whole family

Younger generations are facing financial pressures and difficulties. Generation X and Millennials are not accumulating wealth in the same way as their parents and grandparents (Baby Boomers) enjoyed. If your client is one of these Baby Boomers, prove to them in their annual review that you understand these issues and can put an intergenerational wealth strategy in place that will secure and grow the wealth of them and their loved ones for future years.

The Quilter solution

Quilter is the new name for Old Mutual Wealth.

Since 1979, we’ve been supporting financial advice professionals like you.

This year we have invested significantly into our platform upgrade, to help you build more valuable relationships – moving forward together. A key part of the improvements has been to make it easier for advisers to incorporate true intergenerational planning with a full range of age specific ISAs and other products and better value for clients with family linking of accounts.