Financial services providers are uniquely positioned to change the conversation around literacy and address the elephant in the room: the 'money talk' taboo.
It is time for advisors to bring this dialogue into the light and create a learning environment that empowers individuals, couples and families to learn, grow and pass on financial assets and knowledge to future generations. It is time for more than 40% of families to successfully pass on wealth, and 10% of advisors to keep the family's business growing at times of intergenerational transfers.
The human side of finance is defined as the non-technical components of working with clients, including identifying, validating and speaking to the emotional and behavioral aspects of financial planning and investment management. In the survey, 190 advisors were interviewed, with 77% reporting an increase in client loyalty, 61% a rise in referrals and 57% an increase in assets under management.
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