O-p-p-o-r-t-u-n-i-t-y: Estate Plans Have Become Out Of Date After Three Years And Major Life And Economic Changes

Thursday, September 27, 2012 06:19
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O-p-p-o-r-t-u-n-i-t-y: Estate Plans Have Become Out Of Date After Three Years And Major Life And Economic Changes

Tags: client acquisition | family offices | marketing

A new study by Rothstein Kass shows that most high net worth clients’ estate plans are at least three years old and that 95% of them have had major life changes since the last update.

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Yet 42.9% of 56 family office respondents saw no need to update the plans, 26.8 said they didn’t have time, and 21.4% said the topic was too difficult to address right now.
 
The study surveyed 74 family office executives. The study also uncovered that 53% of wealthy families do not have asset protection plans. Out of 36 single family offices, 41.1% said they saw no need, 35.9% said they didn’t have time, and 17.9% said it was too complicated. Slightly over 5% said it was illegal.
 
This is a time when sweeping tax and regulatory changes are taking place. It’s a huge opportunity as an independent RIA to show value to families of high net worth.
 
The approach to family office and family clients has to be different. Getting in the door of the family office may be difficult and the turnaround for client acquisition usually takes longer.
 
But the right marketing and relationship development strategies can help you earn their trust. They are wonderful clients if you are willing to follow the right strategies to attract them.

 

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