BISA Magazine - Quarter 1, 2017 - 10

Borrello says. "It may take several
months or even a year or longer before
the parents are comfortable bringing
their children in."
At BB&T, families are brought together
for a "relationship review meeting"
during which time the advisor's role
is to facilitate dialogue among family
members-not give a presentation. "We
seek to have one (meeting) at least annually," Borrello says.
He finds that parents want to include
their children in financial discussions,
but, in many cases, just don't know
how. Or they fear that "full disclosure"
of finances will lead to family discord.
The advisor can help ease concerns by
serving as an impartial party.

Research shows that about 70
percent of widows and 90 percent
of adult children change advisors
after a client's estate is settled.

90%
Adult Children

70%
Widows

A 'rich conversation'
"What we often find to be meaningful
is to have a discussion around how
the wealth was accumulated, how it
was earned," Borrello says. That can
lead to a "rich conversation" about
family values and the hard work and
commitment that led to the wealth.
"The people that accumulated the
wealth feel very strongly about passing
along those values to the children."
Borrello says the bank's goal to serve
families was more client-driven than
financially driven. The family is what
matters most to the client, he says. "So
if you seek to holistically serve your clients, you've got to involve the family."
Ross Ozer, senior vice president, practice management and consulting at
Fidelity Clearing and Custody Solutions,
says that those who are successful in
engaging spouses and children are
starting the conversation with clients at
the get-go. "It's really part of the prospect discussion," he notes.
Many firms, he says, "have been taking
a very deep look at their client
experience model and particularly
their whole onboarding process as it
relates to discovery."

10
www.bisanet.org

The Spouse Connection
Ozer points out that advisors are looking beyond gender and examining who
is the "chief financial officer" of the
household: "Who's the CFO spouse?
Who's the non-CFO spouse?" Advisors
are seeking to understand the dynamics of the couple relationship, whether
it's husband-wife, husband-husband, or
wife-wife.
He says the "discovery" comes when
advisors can get couples talking about
their priorities and sharing ideas.
Some advisors are engaging spouses
and families by reaching out through
ongoing "touchpoints" like social activities or client appreciation events, he
says. For a husband-wife couple, for
example, firms or advisors may offer
events geared toward women. "That can
be a very helpful way to stay engaged
with all parties throughout the course
of the year," he explains.

Building rapport with
next-gen
In the case of children, Ozer says best
practices involve simply "building
healthy relationships." He says when
advisors "are willing to put in the extra
time to support conversations with
the younger kids, it just forms a much
stickier relationship and there's more
cohesion of decision making."
Advisors can talk to parent-clients and
ask whether a child who now has a job
and is starting to focus on retirement
savings might be interested in a quick
financial plan or some ideas on budgeting. It is a way to provide value-add
service, Ozer says.
Another way advice firms are bolstering
relationships with the younger generation is by hiring their own next-gen
talent to work with them. "There may
be a pairing of younger advisors with
younger professionals," he says. The
younger clients may have less complex


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Table of Contents for the Digital Edition of BISA Magazine - Quarter 1, 2017

Table of Contents
BISA Magazine - Quarter 1, 2017 - Cover1
BISA Magazine - Quarter 1, 2017 - Cover2
BISA Magazine - Quarter 1, 2017 - Table of Contents
BISA Magazine - Quarter 1, 2017 - 2
BISA Magazine - Quarter 1, 2017 - 3
BISA Magazine - Quarter 1, 2017 - 4
BISA Magazine - Quarter 1, 2017 - 5
BISA Magazine - Quarter 1, 2017 - 6
BISA Magazine - Quarter 1, 2017 - 7
BISA Magazine - Quarter 1, 2017 - 8
BISA Magazine - Quarter 1, 2017 - 9
BISA Magazine - Quarter 1, 2017 - 10
BISA Magazine - Quarter 1, 2017 - 11
BISA Magazine - Quarter 1, 2017 - 12
BISA Magazine - Quarter 1, 2017 - 13
BISA Magazine - Quarter 1, 2017 - 14
BISA Magazine - Quarter 1, 2017 - 15
BISA Magazine - Quarter 1, 2017 - 16
BISA Magazine - Quarter 1, 2017 - 17
BISA Magazine - Quarter 1, 2017 - 18
BISA Magazine - Quarter 1, 2017 - 19
BISA Magazine - Quarter 1, 2017 - 20
BISA Magazine - Quarter 1, 2017 - 21
BISA Magazine - Quarter 1, 2017 - 22
BISA Magazine - Quarter 1, 2017 - 23
BISA Magazine - Quarter 1, 2017 - 24
BISA Magazine - Quarter 1, 2017 - 25
BISA Magazine - Quarter 1, 2017 - 26
BISA Magazine - Quarter 1, 2017 - 27
BISA Magazine - Quarter 1, 2017 - 28
BISA Magazine - Quarter 1, 2017 - 29
BISA Magazine - Quarter 1, 2017 - 30
BISA Magazine - Quarter 1, 2017 - 31
BISA Magazine - Quarter 1, 2017 - 32
BISA Magazine - Quarter 1, 2017 - Cover3
BISA Magazine - Quarter 1, 2017 - Cover4
https://www.nxtbook.com/nxtbooks/bisa/2017q4
https://www.nxtbook.com/nxtbooks/bisa/2017q3
https://www.nxtbook.com/nxtbooks/bisa/2017q2
https://www.nxtbook.com/nxtbooks/bisa/2017q1
https://www.nxtbook.com/nxtbooks/bisa/2016q4
https://www.nxtbook.com/nxtbooks/bisa/2016q3
https://www.nxtbook.com/nxtbooks/bisa/2016q2
https://www.nxtbook.com/nxtbooks/bisa/2016q1
https://www.nxtbook.com/nxtbooks/bisa/2015q4
https://www.nxtbook.com/nxtbooks/bisa/2015q3
https://www.nxtbook.com/nxtbooks/bisa/2015q2
https://www.nxtbook.com/nxtbooks/bisa/2015q1
https://www.nxtbook.com/nxtbooks/bisa/2014q4
https://www.nxtbook.com/nxtbooks/bisa/2014q3
https://www.nxtbook.com/nxtbooks/bisa/2014q2
https://www.nxtbook.com/nxtbooks/bisa/2014q1
https://www.nxtbookmedia.com