The report further concludes that advisors are missing out on an enormous opportunity to keep their clients' children as investors. Even though more than half of clients considered to be affluent have children 18 years and older, advisors have only talked with about 35% of this investor group about their finances or future investments. Furthermore, only half of advisors (52%) offer expertise in intergenerational wealth transfer and less than half (46%) offer expertise in trust services.Another important point made in the research is that over-diversification is not necessarily effective. The report warns that advisors put themselves at risk of not being able to meet client expectations if they spread their business across too many different client segments. Rather, it suggests that advisors should identify and focus on a few key groups. This kind of specialization will help advisors deliver greater value and distinguish themselves from competitors.
Pershing Report Finds Advisors Must Adapt To America's "New Modern Family" To Ensure Future Business Growth And Success
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