The New Challenge for the Modern Day “Trusted” Advisor

by Brad Scott, 29 January 2018

Today’s advisors of affluent and multi-generational clients are facing one of the biggest challenges-how to manage the largest generational wealth transfer in history.

It is predicted that 81% of Australian family business owners intend to retire in the next 10 years generating a wealth transfer of $3.5 trillion[1].  In the United States $1 trillion in assets will transfer each year for the next 50 years[2]. This wealth transfer can have serious consequences for today’s advisors, and their organisation.

Firstly, data has shown that when an estate transfers:

·        2% of children keep their inheritance with their parent’s financial advisor;[3]

·        only 45 % of spouses keep their assets with the same financial advisors;[4]

·        as much as 98% of client assets leave the adviser when the second parent passes away; and[5]

·        about 70% of wealth transfers are not successful. [6]

This means that the modern day advisor needs to be proactive NOW in how to manage the generational transition of wealth or otherwise risk losing their clients. It is no longer going to be enough to simply focus on building a strong relationship with their client over many years. An advisor must engage with the broader family group and eventual beneficiaries prior to any future transfer of the family wealth.  However, the question is how do advisors go about engaging with the broader family members and address some of the “soft” or “human” skills which are so critical to add significant value to clients and truly become their trusted adviser. It is easier said than done!

To do this effectively, advisors need to be able to:

·        Build and deepen the relationship with all the members of the family;

·        Know how to initiate family driven conversations with them as they relate to their wealth and                      transition;

·        Know how to identify when their clients are raising this issue (as they will); and

·        Know what to do to assist them.


Given the significant risk to an advisors business and their organisation, the onus is on the advisor to educate themselves on how to acquire these essential skills and differentiate themselves from their peers.

Developed by The Institute for Family Wealth, EWM Group is offering a transformational, highly interactive workshop for advisors that will take an advisor’s practice to the next level − one that looks beyond the money to develop many different relationships with the entire family, and addresses the family’s need to be prepared for the successful transition of wealth.

This three-hour program is structured to include 4 teaching modules of 15-20 minutes and group ideas/sharing. Pre-work will be delivered prior to the workshop so that participants can prepare to engage in real life discussions related to their practices during the workshop. Workshops have been scheduled as follows:

  • 13th February 2018 – Brisbane

  • 15th February 2018 – Sydney

  • 23rd February 2018 – Perth

  • 27th February 2018 – Melbourne

Advisors who embrace the challenge of the largest generational wealth transfer in history by preparing themselves now will position themselves to:

  • Differentiate your practice from your peers;

  • Deepen relationships with your entire set of client families (grandparents, parents, grandchildren, and spouses) before the estate transitions;

  • Cultivate new relationships with successful families planning to transition wealth;

  • Expand your network of professional advisors who work with successful families, lawyers, accountants, trust officers, investment bankers, insurance specialists, commercial real estate agents etc.[7]   


Preparing the next generation for the transfer of assets takes time. Advisors need to act now and be prepared so that they can take advantage of this new opportunity that the transition of generational wealth will bring.

Numbers for each workshop are limited. So, book early to avoid disappointment. 


To book your place for this workshop, please email or contact us at or


[1] The MGI Family and Private Business Survey 2006 (in conjunction with RMIT University)

[2] Social Welfare Research Institute, Boston College, January 2003

[3] Sisk, Michael “How to Keep the Kids”, Barron’s, June 4: S20-S21

[4] Sisk, Michael “How to Keep the Kids”, Barron’s, June 4: S20-S21

[5] Cisco Wealth Management Survey, December 2013

[6] The Williams Group

[7] Diane Doolin, Vic Presser and Roy Williams” Engaging and Retaining Families”, Investment & Wealth, Sept/Oct 2011, 10-16.