Lori Van Dusen, Founder and CEO of LVW Advisors, recently shared her thoughts on changing generational investing trends at the RIA Summit in NYC. Her talk included ways advisors can make the transfer of wealth align with the values of the entire family.
Next generation wealth management.
One of the challenges in managing intergenerational wealth is balancing the competing needs of different family members.
We try to integrate the current generation’s need for income with the next generation’s need for growth. This requires careful planning and communication.
We work to assign LVW team members who are closer in age to the clients’ children to own and manage the primary relationship with them. By encouraging and supporting peer connections, heirs can establish their own relationship with LVW.
This is crucial because research shows that 88 percent of children don’t choose their parents’ wealth advisor.
We also host events such as networking cocktail hours, fun venues, and other opportunities for the children of clients to meet one another.
We gain a deep understanding of the inter-family relationship dynamic in our efforts to go above and beyond financial advice and help family members navigate sensitive topics. In some cases, LVW will hire a coach for leadership, conflict resolution or family business transition issues.
Ultimately, managing intergenerational wealth is about creating a legacy that reflects your family’s ideals, strengths and character.
We believe that wealth is not just about money but about the impact you can have on the world and the people around you.
