Families can form foundations, trusts, donor advised funds or other financial mechanisms for transferring wealth from one generation to the next.
The advisor who can help families not only build their wealth but also transfer it to the next generation has an advantage over the competition, Clemons says.
“It is hard to obtain clients, but once you get them you want to hold onto them. Successfully handling multiple-generational wealth transfer will build loyal clients because you become a trusted advisor,” Clemons says.