Similarly, at Wells Fargo & Co's ultra-high net worth branch, Abbott Downing, a dedicated practice helps clients navigate complex, long-term, family financial dilemmas. The Family Dynamics and Education group last year worked with 25 percent of Abbott Downing clients, a figure the team expects to grow this year, said its head Arne Boudewyn.
But sometimes, the near-term is more critical.
For example, Reid Hartsfield, a BB&T Wealth Management financial planner in Jacksonville, Florida, had his hands full when advising a client's son, who couldn't account for more than $179,000 in expenses from his multi-million dollar budget.
Hartsfield, who frequently helps his wealthy clients' children, examined six months of checking account statements and credit card bills. He advised the son to put money in several separate checking accounts, one for each bill. By managing his money in separate baskets, the son had a clearer understanding of how much money he had left for personal expenses.
Clients appreciate the help because for their kids, inheriting may feel like winning the lottery.
"The percentage of lottery winners who are broke after five years is staggering," Hartsfield said. "Parents don't want their kids to be that statistic."