BISA Magazine - Quarter 1, 2017 - 9

A FAMILY
AFFAIR
A family-focused approach helps
advisors hold onto clients' wealth
By Gina Lauer

"

F

inancial planning is evolving
into a family affair, and for
good reason. Baby boomers will be passing down
an estimated $30 trillion in
assets to their Generation X and millennial children over the next two to three
decades-and financial advisors need
to be on alert.
The bad news, however, is that advisors
haven't been doing a very good job of
retaining the assets going to clients'
heirs. Research shows that about 70
percent of widows and 90 percent of
adult children change advisors after a
client's estate is settled. Many in the
financial services industry call those
numbers "abysmal."

Financial advisors and bank investment
programs can't afford to think of their
clients in singular terms anymore. "Client" has taken on a broader meaning.
"We define our clients as families," says
Ralph Borrello, executive vice president, Wealth Division Manager, BB&T
Bank, headquartered in Charlotte,
North Carolina. "That impacts how you
talk to your clients, how you measure
success, and how you serve your client
base from day one."
The bank's advisors "always seek to
include the spouse in conversations,"
and then work on the broader family
dynamic. "The advisor first must establish a relationship with the parents,"
9
BISA Magazine



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