At a recent workshop for prominent financial advisors in the Bay Area, we had a terrific discussion about the need/opportunity to rethink their current service models for multigenerational families – especially in light of the current economic environment.
Now more than ever, financial professionals – be they money managers, attorneys, or accountants – are recognizing the need to pivot quickly to more fully meet the changing needs of their family clients. In my frequent interaction with families they are telling me that they both need and want help navigating the new normal of the 21st century.
Families are eager if not anxious for services that take them beyond the typical transactional planning and most definitely into the arena that I describe as Money as Interaction.
By more intentionally focusing on the issues and areas associated with Money as Interaction, families are accomplishing critically important short and long-term goals. They include: having more open and transparent money conversations; engaging, educating and equipping the next generation for lifetime of financial skills; and more intentionally articulating their values which then serve as a guide for many, if not most, of their transactional decisions.
In our Money as Interaction training, we help advisors infuse new insight, skills and tools into their multigenerational practice. We help them embrace the changing landscape which in turn allows them to be more proactive in meeting the emerging and expanding needs of their clients.