A common talking point in the advice community is the concept of intergenerational wealth transfers.
The Resolution Foundation estimates that the value of inheritances is set to double over the next 20 years, amid rising levels of wealth, an ageing population and the increasing difficulty for younger adults to accumulate significant wealth.
At Continuum, clients are encouraged to involve their family in the estate planning process as early and regularly as possible, says Simon Reeve, head of operations at Continuum.
“By doing this, not only can we make sure the estate planning is tailored to the needs of the extended family, but it also offers our advisers the opportunity to build a strong and lasting relationship with the whole family.
“This often leads to our advisers having multiple generations of one family as clients. Through this relationship, and the recommendations our clients give us, our advisers are able to educate the wider family as to the benefits of financial planning.
“At the end of the day the inheritor may well choose to take advice elsewhere, or go it alone, but at least we know we have shown them what a good financial planner can offer them.”