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Who is your client?

Sat, 27 Oct 2007 21:07:20 GMT
I have had some really interesting conversations with advisors during the past few weeks during presentations. In particular, when I have been talking about family dynamics and asking the question who is your advice really impacting?

Generally, the obvious answer would be that your client is the person who currently has the wealth for which financial planning is required (the “Wealth Holder”). What about the beneficiaries of the wealth? Their lives are generally being impacted by the decisions that get made in the financial and estate plans. To some degree aren’t these beneficiaries also your client? In providing advice, you need to understand the unique behavioral styles of BOTH the Wealth Holder and the beneficiaries. If you do not take into account the unique financial personality of the beneficiaries then the plan could be useless once the wealth does transfer to them. Isn’t this at least partly why we see so many financial and estate plans practically fall apart, breakdowns in family relationships, and generally dysfunctional behavior?


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