Financial Advisers Need to Bring Up Beneficiaries to Their Clients



The transfer of wealth to beneficiaries is missing from many conversations between older investors and their financial advisers. Some 71% of investors say they have beneficiaries and are willing to pass their wealth to them, but only 42% have been asked by a money manager about this process, according to a new study from J.D. Power. And even less, 23%, said their adviser has communicated with their spouse or partner. That means many firms are missing out on the opportunity to retain the household wealth over the long term in the event of family death. The survey also found that by failing to focus on younger generations, firms are missing an opportunity to entice new clients. That may be tied to a lower level of trust among young generations in their financial adviser.

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