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A quarter of children of clients in high value change of advisors when they inherit

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Writing

5 April 2019 11:30

More than a quarter (28.3 %) of the children of clients in high value change of the manager of heritage when they inherit, shows a study of the consulting firm GlobalData.

The survey, carried out at the global scale, reports that 38 % of individuals with high value were 60 years and older, or 4.3 million people. A strategy to attract the next generation of investors is therefore necessary for wealth managers, says GlobalData.

“Of course, discuss mortality is a topic that many would prefer to avoid, supports Heike van den Hoevel, senior analyst in wealth management at GlobalData. But if suppliers are not able to maintain the continuity of the relationship with their successors, this will mean that a significant part of their current activity will be lost. “

Means for retaining

GlobalData has identified several factors of retention to ensure that future generations do not change their wealth manager. Among these, the firm advises professionals to involve the children of clients with high value in the succession planning process.

However, only 59 % of the wealth managers around the world provide direct services, estate planning, adds GlobalData. “To keep in touch with the next generation is a critical element, but the wealth managers are not doing,” continues Mr. van den Hoevel.

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