I’ve seen it happen too many times to too many producers.  Some of their largest account clients pass away…and they lose that account as the next generation (whether they are local or not) bring their financial advisor to the table.  This scenario does not happen to the best producers.  Why?  Because they take an active approach to building a bridge to the children and heirs of their clients.

It’s all about the relationship!

• Make sure your client relationships are strong.
• Have you bridged that strong relationship to the children and/or groups/foundations/organizations to receive their inherited wealth?  You certainly want to!
• In regards to groups and foundations, some clients may or may not want to share that information with you.  If you have a trusted relationship they will be more willing.  You then should try to create a relationship with those groups and foundations as well.  This can lead to additional business.

As your clients pass, you will need to learn to work with a new type of client successor (i.e. Boomers, Gen X, Gen Y).  The computer and research savvy, financially aware, “do-it-yourself” characteristics found in these groups can make your job more challenging.   Some tips:

• Offer your clients a chance for you to meet their successors in a social gathering (i.e. a family-oriented event).  Doing this by mail or simply asking for a referral sometimes doesn’t work and isn’t enough. The purpose is to meet and engage them and earn their trust.
• In November and December, schedule “family meetings” while the children are back home for the holidays.
• Find out from your client exactly what type of information and/or topics that should or should not be addressed.
• Come to an agreement with the client on how you want to position the purpose of this meeting to the children.
• Create a seminar (to be presented to the heirs) that contains the information your client wants communicated (i.e. stretch IRAs, inherited IRAs, wills and trusts, Social Security, tax-issues, etc.).  The more children you can engage, the better off you will be in working with those successors when the time comes.

Let your expertise, your service and dedication to your clients, and the trust they place in you transfer across generations.