During this highly engaging conversation, James Langabeer, PhD, ChFC, managing director at Yellowstone Wealth Advisors and author of The Quest for Wealth: Six Steps to Making Wise Money Choicess shares some great insights about wealth transfer, the most dominant emotion influencing investing, and why “wealth isn't 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. The life cycle and intergenerational transitions can affect how investors make decisions. Understanding each individual client's needs and dominant investment style is key to maintaining strong relationships and growing assets under management.
Investment professionals attuned to their clients' personal lives can more easily connect with family members, helping with intergenerational wealth transfer by understanding all stakeholders.