Wealth Transfer, Part 2: Working with the Clients Passing It Down

Your retiree clients need help organizing what they’re leaving behind, and so do the people they know.

Last week I introduced wealth transfer as a niche worth exploring. This week let’s address the first angle: working with the clients who are passing down the assets to heirs.

If you serve retirees, your clients are probably more organized than people their age. You’ve probably already consolidated many of your clients’ investment accounts, checked beneficiary designations, inventoried their real estate and business interests, reviewed their insurance policies, and encouraged them to get their estate in order. But they may still have other assets you aren’t aware of. And it’s very likely they haven’t communicated any of this to their family members.

And then there are their friends and family who probably aren’t half as organized because they aren’t working with you. Yet. Many people their age have assets scattered across multiple accounts, institutions, and advisors. And they may even have real estate, insurance policies, or business interests that no one in their family knows about. While they may have an estate plan on paper, the reality is they are leaving their surviving loved ones with a huge mess when the time comes.

Start by helping your clients organize what they’re leaving behind. Perhaps even name the process so they understand this is a distinct service, not just another annual review. As you walk them through the process, start talking to them about the people in their life who don’t have someone doing the same for them. Your clients know exactly who in their circle needs this help. Give them a reason to bring it up and refer you.

The takeaway: All retirees need help organizing what they’re leaving behind, and most don’t know it yet. Start with helping your clients and then turn that into referrals from their friends and family to build a niche within your business.

Next week: The second opportunity, working with the heirs.