The director and chartered financial planner at Berkshire-based Craufurd Hale Wealth Management says: “When I speak to advisers, most don’t want to get involved because they do not see it is as profitable business. Their view is that that the sons, daughters, nieces [and] nephews will simply spend the cash.
“I believe this is the incorrect view to take. Yes, they will use the cash, but they will require their own financial planning advice. They will be on their own journey. The mindset needs to shift from assets under management or funds under management.”
However, he insists that advisers should offer help to younger clients to enable them to save efficiently for their future.
“It might be as simple as guiding them and educating them about the importance of planning. You talk about the financial planning journey and what the different lifecycles represent in a typical client lifecycle,” Raghwani continues.
"I try to get introduced to the children of my clients at some point so they know who I am. I always explain that if any of the children want to ask questions, I would be more than happy to help them by providing guidance. I tell their children, ‘should anything happen to your parents, I would be happy to assist in any way I can’.”
When advisory companies do get to grips with intergenerational wealth planning, it can be one of the most rewarding parts of their business.
Siddle adds: “Working across generations to ensure the transfer of wealth and assets is managed in the most efficient way for everyone is hugely satisfying.
“Working alongside two or three generations, often their spouses, their business advisers, solicitor, and accountant to build a suitable strategy for all involved and ensure all parts of the jigsaw fit together is an enjoyable experience — one which allows us to use our technical prowess to best effect and give great outcomes.”
Aamina Zafar is a freelance journalist
