The Current State

One-sided client conversations that marginalize spouses/partners are becoming less common—most advisors recognize the importance of balancing their attention (a foundational building block).  However, most fall short when it comes to working with adult children of clients and balancing the full family dynamic. 

 

The big development opportunities for advisors are around shifting where they spend attention and understanding the broader family context during their interactions with clients:

  • find ways to broaden the scope of client discovery & understand to account for broader family dynamics
  • facilitate discussions in important, emotionally-sensitive topics that affect the whole family’s financial life (e.g., aging, legacy)

Our Research

See the overall benchmark results for the Family Dynamics activity area:

StateOfClientUnderstanding_Mockup

Download Activity Area Benchmarks

 

Resources to Help You Succeed

 

Development Opportunities

Understanding children of clients and the broader family dynamic requires a different focus and mindset than working with primary clients; are you evolving your practice? 

 

Resources

Learn a new framework for thinking through family dynamics and understanding where to prioritize your attention (developed by T. Rowe Price):

How effectively do you work with family dynamics today? What are your main development opportunities?

Learn more about the range of competencies required of advisors related to working with client family dynamics: Download the article (Journal of Wealth Management)

Do you have a system in place for evaluating cognitive decline and proactively facilitating family conversations around aging and long-term health issues? 

Review tools and resources available from Whealthcare on taking a proactive approach with clients