{"id":642239,"date":"2026-08-17T18:41:12","date_gmt":"2026-08-17T18:41:12","guid":{"rendered":"https:\/\/www.europesays.com\/ie\/642239\/"},"modified":"2026-08-17T18:41:12","modified_gmt":"2026-08-17T18:41:12","slug":"philly-financial-advisers-on-the-great-wealth-transfer","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ie\/642239\/","title":{"rendered":"Philly financial advisers on the \u2018Great Wealth Transfer\u2019"},"content":{"rendered":"

Teaching children financial management early<\/p>\n

There\u2019s something of a debate<\/a> among financial planners about whether they should try to keep the children of clients as clients too, given the data showing that heirs generally don\u2019t plan to use their parents\u2019 advisors. Some professionals argue those individuals still need financial advice, while others say it\u2019s unrealistic for an advisor to expect they can switch over to serving a different generation.\n<\/p>\n

Kaisth and others stressed the importance of bringing younger family members into conversations, in part, as a way to keep them as clients in the future, but also to educate them about financial management generally. If children have any earnings, their parents can start Roth IRAs for them, for example, or the kids can learn how 529 accounts will help pay for their college education.\n<\/p>\n

\u201cI do let [clients] know if they want to have an efficient, less stressful or perhaps stress-free transfer to the next generation, which every parent should want, then it\u2019s better to start educating them about what it means to earn money, what it means to value money, how it can buy them options,\u201d Kaisth said.\n<\/p>\n

More education is essential for younger people who will be involved in overseeing a family business, even if they themselves are in a different profession, Amit said.\n <\/p>\n

\u201cIt\u2019s important that the next generation knows accounting, and they know how to read an income statement, how to read a balance sheet, how to prepare a cash flow report. Basic things,\u201d he said. \u201cIt\u2019s really, really important to engage them, because they will assume a major responsibility, and you have to be prepared for that.\u201d\n<\/p>\n

Amit and the others noted the growing impact of financial websites and apps that use artificial intelligence<\/a>, which younger people are more likely to use and trust than their parents. None said they were concerned about losing work to newer financial technologies, but they warned against depending solely on AI-generated advice.\n<\/p>\n

\u201cWe know that AI is still making a lot of mistakes. It does not always use up-to-date information,\u201d Leis said. \u201cAI also, at least the way that it is right now, it\u2019s not proactive, so it\u2019s not calling you, it\u2019s not emailing you and saying, \u2018Hey, by the way, have you talked to the estate, or have you filed this paperwork, or have you done this or that?\u2019\u201d\n<\/p>\n

\u201cAI is great and will give you insights that you couldn\u2019t come up with on your own,\u201d Amit said. \u201cBut that\u2019s not a replacement for a trusted advisor.\u201d\n<\/p>\n

A more human-centered approach<\/p>\n

The Great Wealth Transfer coincides with a wave of consolidation<\/a> in the financial planning field as a generation of older advisors retire and sell their businesses, and banks and private equity investors see opportunities for big profits. Small firms also sometimes look to partner with larger ones that can handle their technology, compliance and overhead responsibilities.\n<\/p>\n

Actual transactions are now handled by automated processes, and what customers increasingly need is planning, education and handholding during difficult life events like the death of a parent, Revelli said.\n<\/p>\n

\u201cThese larger firms are now offering financial planning because they realize that there\u2019s a need for more human-centered advice, and that\u2019s the value that these smaller firms traditionally have had,\u201d she said.\n<\/p>\n

In general, to attract and keep clients, big institutions are focusing more on building relationships, she said.\n<\/p>\n

\u201cAdvisors increasingly find themselves doing less of the transaction spreadsheet paperwork and more mediation and more counseling through these family dynamics, these conversations that these families need to have to really get to a good place,\u201d she said. \u201cThere\u2019s no one really at [the] center of having that family conversation, and the advisor is really positioned to do that, especially if they\u2019re going to continue on with that relationship.\u201d\n<\/p>\n

Fidelity is also focusing on the \u201cunique needs of women,\u201d who are increasingly both bequeathing and receiving wealth transfers, and the greater diversity of Americans who are heirs and could benefit from planning assistance, Revelli said.\n<\/p>\n

\u201cIn that great wealth transfer, recipients are going to look different than the people traditionally who have been seeking formal financial services,\u201d she said. \u201cThere\u2019s a wider demographic that needs help, but they also need a more human-centered approach than before.\u201d\n <\/p>\n","protected":false},"excerpt":{"rendered":"Teaching children financial management early There\u2019s something of a debate among financial planners about whether they should try…\n","protected":false},"author":2,"featured_media":642240,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[177],"tags":[58809,79,18,20148,19,17,234,235,6101],"class_list":["post-642239","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-aging-population","tag-business","tag-eire","tag-financial-literacy","tag-ie","tag-ireland","tag-personal-finance","tag-personalfinance","tag-wealth-management"],"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/642239","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=642239"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/642239\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/642240"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=642239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=642239"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=642239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}