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 will hold a conference call for the media on Wednesday, June 5, at 12:00 p.m. ET at INSITE 2013. Journalists interested in finding out more about the program can join the call for a brief overview offering additional perspective from head of practice management Kim Dellarocca, followed by a brief Q&A session for those in attendance and on the conference line. Please email firstname.lastname@example.org to receive specific dial-in information.
To obtain a copy of " Investor of the Future: The Quest for Tomorrow's Affluent Clients Must Start Today", please visit www.pershing.com/futureinvestor.INSITE™ 2013 attracts more than 2,300 attendees, including investment professionals, independent RIAs, dually registered and hybrid advisors as well as senior-level product and marketing executives. It is held at The Westin Diplomat, Hollywood, Florida. For additional information, visit www.INSITE2013.com. To keep up-to-date on INSITE 2013 and to join the conversation on the issues that will be discussed, follow us on Twitter @Pershing and use hashtag #INSITE2013.