To Win Business With Clients’ Kids, Advisors Really Have To Try
Less than 20% of affluent investors say they work with their parents’ financial advisors, according to data from Cerulli Associates. While just 5% of those who work with their parents’ advisors identify as self-directed investors, nearly 75% of those who stick with their parents’ advisors say they are either reliant on advice or want more of it, according to Cerulli, whose survey between January and September included more than 650 responses from inheritors. Further, the proportion of those who hire their parents’ advisors skews younger, the data show. “The younger gens that are the stayers … They are engaged. They want that help. And if their parents have an advisor, it can be seen as the logical first step for them,” said Cerulli's John McKenna.
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