Working with a Financial Advisor

Why and how working with a good financial advisor can help avoid elder fraud or exploitation and protect transfers of wealth generation to generation.

Financial advisors play an important role in their clients’ lives. Advisors are with clients through major life events, including, marriage, home-buying, child-raising, changing jobs, caring for elderly parents, the loss of loved ones, divorce, and other major life events. The relationship becomes a personal one over time as an advisor learns about his client. A good financial advisor is skilled at building relationships across different ages and personality styles.

A good multi-generational financial advisor understands that age is just a starting place. Each generation has events and beliefs that influence them. A multi-generational financial advisor understands the differences between the generations in a family but can bridge the gaps by knowing their clients’ needs and wishes.

Families often have difficulty communicating clearly across the generations. Clients have many different these types of questions regarding their wealth. How much should we leave to our children? Should we leave money to our children outright or at different ages? A good financial advisor will discuss these questions with their clients, and provide tools to carefully build a solid foundation for developing principles for handling money and wealth across generations.

When financial advisors work with members of multiple generations within a family, it can also help to avoid financial exploitation.

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