Benefits of a Multi Generational Advisory Firm

Many clients of financial advisors share a common concern and fear. Because the process of finding an individual to trust with their money is not something to be taken lightly, this concern can be magnified. Clients wonder what happens to them if their financial advisor retires or unexpectedly dies. This is a legitimate concern. As a result they have been deemed physically or mentally incapable of handling your finances. This commonly voiced concern is why advisory firms and the financial industry have begun focusing more on succession planning and multi-generational advisory teams.

Built In Transition Planning 
Life is unpredictable and we cannot predict the future. What we do know is that change and growing older are inevitable. Just as you are working hard to save enough to retire, your financial advisor is doing the same. Multi-generational advisory firms have a built-in transition plan. These firms are acclimating their newer and younger associates with current clients. They are leveraging the experience and wisdom that the senior advisors have gained to help train and guide newer associates. Newer advisors will gain experience, knowledge and expertise in the field while working with senior partners. This built in transition plan ensures continuity and no disruption of service to the client. While this won’t happen over night and will require a lot of work, this type of planning is in the client’s best interest. Feeling confident that your advisors have a plan for you and your future should be encouraging and expected. Multi-generational family practices offer an additional dynamic where family life, familiarity and genetics can also contribute to the trust factor.

Experience And Wisdom Meet New Technology And Expanded Communications
As an advisor enters into the industry, there is one valuable thing that all of the studying, textbooks, and exams cannot provide experience. Experience is undeniably an important attribute when looking at an advisor. This can only be obtained with time and is something every new associate has to go through “on the job”. Multi-generational advisory firms are more prepared to alleviate this concern. While they cannot completely eliminate this, aging advisors are able to pass down their experience and wisdom to the next generation of advisors through training and mentorship. This is extremely valuable asset for any new advisor in the field and can play a huge role in their development and client successes. The veteran advisor also stands to benefit from this relationship. After doing things the same way for a number of years, a fresh new outlook and access to new communication tools will be of tremendous help to the senior advisor and their clients.