Stories financial advisors are reading this week: Why 35% of Americans Squander Their Inheritance, Family Friction Perceived as Biggest Wealth Management Obstacle, Securing the Trust and Loyalty of High-Net-Worth Clients, The Secrets of Financial Flexibility, and Wealth Managers Expect More Money
Easy Come, Easy Go: Why 35% of Americans Squander Their Inheritance
With an estimated $4 trillion of inheritance funds in play as the Baby Boom shifts from retirement to estate planning, as much as $1.3 trillion in inheritance will trickle away over the next five to seven years. If 35% of all inheritances get cashed out within two years, heirs are left in the exact same financial position if not actively worse off.
Family friction perceived as biggest wealth management obstacle: report
Family disputes are the largest hurdle for achieving financial goals, but communication can make things easier, says a new report. Working through financial decisions in isolation or failing to communicate effectively can disintegrate a family’s wealth far more quickly than it was accrued. As the luxury market continues to globalize and make the economy more volatile, ultra-high-net-worth individuals will need to be smart and confident with money.
Via Luxury Daily
Securing the Trust and Loyalty of High-Net-Worth Clients
Advisors are under increasing pressure to add high-net-worth investors. While it’s difficult to attract affluent clients, it’s even tougher to keep them. As a result, advisors should examine the factors that increase the trust and loyalty levels of these investors.
The Secrets of Financial Flexibility
As small business owners, physicians notoriously invest heavily in their practices, often foregoing traditional methods of savings. However, they need a new financial playbook that responds to changing conditions.
Wealth Managers Expect More Money
It’s been a good year for wealth management firms. The top performers in private wealth management expect a 10 percent increase in their total compensation this year, according to a recent survey.