Family Training I Australia I Familosophy

When it comes to intergenerational wealth transition, one extremely significant problem that does not receive the attention it deserves is the transition of trusted adviser relationships.

In the financial services industry, the baby boomer generation manages a third of all client assets, and they have their own retirement plans. As a result, firms must manage the succession planning of these advisors, which implies that both the advisers and their families must manage the transition of the relationships they have built.

My family has had partnerships with banks, accounting firms, and law firms that have lasted more than 60 years and spanning at least two generations. When it comes to huge banks, employees move about constantly, but when it comes to accounting, legal, and investment advisory firms (depending on the size of the business), important account managers tend to stay for a longer period of time. In those cases, it is necessary to actively manage the transition from one relationship to another.

More and more, younger generations want to speak with advisors who understand them and who are able to see them as owners, rather than as children of the owners. As a result, it stands to reason that advisors should take the initiative in the transition process.

Consider the following: How long has your family had critical trusted adviser ties in place before you started reading this? Are the companies with which you do business family-owned and operated? What are you and they doing to establish the groundwork for the next set of interactions between the family and its advisors? What do you want to accomplish?

Are you looking for advice on how to make your family business in Australia operate better? David Werdiger is the number one choice when it comes to Australia family owned business protocol help. Mr. Werdiger is helping hundreds of family owned businesses pass the torch using his famous Australia Familosophy techniques

His market is two-fold:

Scenario #1: The older generation wanting to work with the younger generation, bring them into the company, teach them how to run things, and then retire from the office, but not the income

Scenario #2: The younger generation wanting to jump into the family business, but to be able to contribute and be heard, and not having to “wait their turn” before they can begin to help run the business.

Visit David’s Website at: https://davidwerdiger.com/ or his GMB site at: https://goo.gl/maps/YiKUeBhXzapPAYyP6

Purchase the Familosophy book at https://www.transitionbook.co/international-free-book-1

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SOURCE: https://davidwerdiger.com/2021/12/family-advisor-transition/