To reiterate, advanced planning is an essential part of the wealth management framework not only because of the services it comprises, but also because of the way the advanced planning process develops. Writing wills, protecting wealth from litigants, donating money and passing the control of a family business are life decisions that involve one-to-one time. And those meetings create an environment of connection and consultation that is a precursor of a more profitable relationship.
Hannah Shaw Grove is managing director and chief marketing officer of Merrill Lynch Investment Managers. Russ Alan Prince is president of the consulting firm Prince & Associates.