Wealth transfer talks key to client satisfaction rate: Research

By encouraging clients’ children to be involved in the wealth-transfer process, financial advisers are likely to see a higher satisfaction and retention rate, according to a whitepaper from Australian Ethical and CoreData Research.  

The report found 61 per cent of advisers have clients who have already transferred wealth to their children or are in the process, with many wanting to begin the process while they’re still alive. 

Some 47 per cent of advisers plan to address the intergenerational wealth transfer opportunity by facilitating family conversations, and 40 per cent are already engaging clients. 

Among the group that initiated the conversation, advisers who incorporated responsible investing into their offering reported higher client satisfaction (73 per cent) than those that didn’t (62 per cent).