Five Touchpoints to Build Family Relationships
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
As an independent financial advisor, you’re in the relationship business. You work hard to build strong relationships with prospects, centers of influence, and especially your clients, which has been key to your success. But what are you doing to foster relationships with your clients’ families? The sad reality is that many of your clients will pass away. But if you form trusted bonds with their family, your relationships won’t end there.
When helping people build wealth, it’s about more than the money. You grow to care about their legacy and the welfare of the loved ones they leave behind. The client’s spouse, children, grandchildren, and other beneficiaries will benefit by continuing to work with you. After all, you’ve proven yourself capable and trustworthy; you have the opportunity to continue managing funds for the surviving spouse or the next generation.
Here’s how to position yourself for a lifetime of relationships by creating better touchpoints with a client’s family.
As much as the client will allow, include family in the estate-planning process. Relay to your client the importance of involving family and ensuring that they know everything in the estate plan that pertains to them. Nobody should be caught off guard when it comes to expectations, responsibilities, or liabilities.
For example, when your client sets up a power of attorney, writes a will, or adds a beneficiary to an account, get their permission in writing to communicate all changes to appropriate family members.
While the estate attorney will handle many of the documents, you play an important part in the process. As you communicate with family members, it’ll bring their attention to your role as a trusted professional facilitating the process.