Beneficiary Planning for Advisors: Don't Get Fired by My Son

May 4, 2016

A large part of planning for retirement is legacy planning, but many financial advisors spend little time getting to know their next generation of potential clients: their clients’ heirs.

Overlooking this important relationship could result in lost opportunity, since, if my son doesn’t invest his inheritance with you, someone will be more than willing to take your place.

According to a survey referenced in an Investment News July 2015 article, 66% of adult children fire their parents' financial advisors after receiving an inheritance.1 As a financial advisor, you can look at this one of two ways:

  1. An opportunity to gain more clients, including and beyond just your own clients’ heirs.
  2. A threat to losing assets you currently manage.
     

If you need more information or have any questions, contact the Retirement Strategies Group at (800) 722-2333, ext. 3939, or send an e-mail to RSG@PacificLife.com.

 

1Source: Skinner, Liz. “The Great Wealth Transfer is Coming. Putting Advisors at Risk.”
GAME CHANGERS/Generational Planning. Investment News. July 13, 2015.


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Chad is currently an Attorney Consultant for the Corporate Law Department at Pacific Life. Previously, he was a Senior Retirement Strategies Consultant, bringing more than 13 years of industry experience to his role and providing technical insights to our sales team and registered representatives on a variety of issues including IRAs, qualified plans, annuities, and estate planning issues.

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