Tom Stanley noted that when money is in motion from one generation to the next, often the first thing that happens is that it leaves the professional advisor. The person inheriting the money often has no relationship with their parents’ advisor and, as a result, the assets flow out. Just as Under Armour stole market share from Nike and several jeans manufacturers stole business from Levi Strauss, if you don’t have an established relationship with the next generation, you are on a course toward a shrinking client base.
Excerpt from The Advisor Playbook: https://www.amazon.com/Advisor-Playbook-Liberation-Personal-Professional/dp/B01MQVORIW
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