Brocker.Org: Advisors are preparing young clients for the $30 trillion (with a T) transfer of wealth


“We have found that it is often a major source of anxiety for clients,” he said. “Kids worry about parents; parents worry about kids.

“They really appreciate us opening up that conversation,” Anderson added. “When you have a third party that can prompt a discussion, it allows different generations to air their feelings about their own family’s wealth.”

The roundtable discussion is a requirement for adult children to become clients, if interested, according to Anderson. No minimum assets are required of them.

The outcomes of these discussions include increased confidence in parents’ and children’s financial strategies and structures (i.e., estate planning, account titling) and, often, gaining the younger participants as clients.

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“Over the long term, it helps you build the quality of your client base by preventing them from making bad decisions,” he said.

In another approach, Capital Asset Management Group has instituted a coaching program focused on young adults.

“[We] engage our current client base and ask them to ‘Give the gift of financial independence‘ whereby many of the parents or grandparents fund the annual retainer for the younger clients,” said Samuel Boyd, CFP and senior financial planner with the firm.

The fee is based on the younger client’s income, not assets under management, he said.

The program utilizes proprietary software, especially appealing to tech-savvy millennials, and simplifies data collection, financial planning education and goal-setting, he said. It was rolled out last year in response to requests from clients asking for help for their adult children.