Meet The Successor: How To Retain Client Assets Across Generations

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Step # 2

Last week I shared the importance of doing your generational homework, which includes getting to know the generation of both your client and your client’s successor, as well as asking your client to introduce you to the successor.

Now it’s time to begin establishing a relationship with your client’s successor.

Your goal in this step is to create an individual relationship with the successor. These relationships can be in person, as well as virtual.

The key at this stage is to keep the relationship social,

to slowly establish trust and rapport.

It’s important to meet with the entire family during social events, because it’s harder for the successor to be anti-social to you or her parent during a social event. Here are some of the ideas that my FA clients have used to meet their client’s successor and other family members:

  • Apple picking – This is a seasonal approach for many generations to get outside, stay healthy and bond.
  • Rent a movie theater – If most of your clientele resides in your town,  give kid-friendly matinee tickets to all of your clients and their families, allowing all generations to attend the show together.  (BTW, this is a GREAT idea as a client appreciation party and you can kill two birds with one stone).
  • BBQ – Invite your clients and their families to a fun BBQ that everyone can enjoy.  Set up horseshoes, bocci, badminton, Frisbee, and whatever else you think of.
  • Educational seminar – Create a financial seminar for the grandchildren of your clients. This will ensure that not only your client, but the parents of the grandchildren, will also attend.
  • Half birthday party – Everyone loves a birthday party so throw a surprise bash for your client and invite the entire family.

This introduction period to the successor and family can last for several months. The end goal is an inter-generational financial meeting that leads to a succession plan.

For now though, try to meet the successor in an informal setting every 1 – 2 months until you are no longer seen as “my parent’s FA” and are instead seen as your own person.

Please share any ideas you have on meeting the successor in a relaxed, stress-free environment by making a comment on the blog.  Thanks!

Watch out next week for Part 3 of this four part series: Client and  Successor Meeting Preparation.  In this article I share how to prepare for the inter-generational meeting with one CRITICAL step. You don’t want to miss it. 



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