Firefly Wealth founder Adele Martin is set to appear at next week’s ifa Future Forum to discuss intergenerational wealth transfer as it’s estimated that $3.5 trillion will be transferred from Baby Boomers to younger Australians in the next 20 years.
Speaking to ifa ahead of the session, Ms Martin said advisers who don’t currently engage with Millennials must start thinking about it now.
“Millennials are starting to reach their 40s. They are going to need help with managing ageing parents and they will inherit significant sums of money,” Ms Martin said.
“If advisers don’t have a relationship and service for children inheriting they could lose business.”
Ms Martin’s session will also cover how advisers can do their part in reducing the advice gap that she believes its biggest area of concern is “too much friction in the advice process” such as a 60-minute initial phone call to clients and a manual fact find.
“I think many advisers believe people can’t afford advice,” she said.
“Whilst I think that may be true in some instances, I also believe it’s because advisers haven’t articulated the value or removed the risk.”
The ifa Future Forum 2021 will begin at 8am at the Four Seasons Hotel in Sydney on 17 November.
Click here to register.
I will take them then
This is an outdated approach. Better to keep growing and adding new clients who can afford to pay an appropriate fee. There is plenty of new business around due to so many leaving or capping their books. Some clients will drop off, but if you are growing it doesn’t matter. If the kids want advice on the inheritance great, if they don’t so be it. Wasting time on young people who cannot afford your services on the off chance they may want advice in the future, is very old school and a poor use of valuable time and resources.
Agree with this comment. Build strong referral networks and work of mouth reputation and you take the clients that are ready and willing to pay for advice. One out one in approach
Agree – the younger clients will want a younger adviser relatively speaking…so TIK TOK will be their likely destination…keep growing the business with clients who can afford to pay your fee so that you are still in business next year…the younger client will most probably come and see you anyway to help release their parents funds at which time we can explain to those who are planning on spending their inheritence on bitcoin and a red ferrari, all about the evils of Tik Tok.
Sorry not interested in Millennial’s no money and don’t want to pay ….. I will happily keeping working with Gen X and Baby-boomers.
And they already know everything! The best advice clients are those who have made a little bit of money and then lost most of it through DIY investing. A cryptocurrency crash would generate a lot of new advice clients!