During this very engaging conversation, James Langabeer, PhD, ChFC, managing principal at Yellowstone Wealth Advisors and author of The Quest for Wealth: Six Steps for Making Mindful Money Choices shares some great insight about the wealth transfer, the most dominant emotion impacting investing and why “wealth is not a number.”
He also discusses the importance of preparing for changes in client communication and relationship styles and why they should be at the forefront of financial advisors’ minds. Lifecycle and inter-generational shifts can affect how investors make decisions. Understanding each individual client’s needs and dominant style of investing is key to maintaining strong relationships and growing assets under management.
Investment professionals tuned into their clients’ personal lives can more easily connect with family members, assisting with generational wealth transfer by understanding all stakeholders.