Inheritance is also a big factor in obtaining wealth.
Spectrem Group research finds that “Millennials and Generation X investors are the most likely to use an advisor when receiving an inheritance.”
A key issue for obtaining or retaining this kind of business or for preventing that loss of wealthy clients, Walper notes, is understanding they want much more than investment advice.
The full range of planning services are usually needed, he adds. These include banking services, financial and estate planning as well as wealth transfer and tax advice. The newly rich can also require other services that can include anything from real estate to long term health care to trust help.