An introduction - Part 2
Last time we looked at what intergenerational wealth is and why everyone is talking about it. As we saw, Australia is on the brink of a vast shift in assets, unlike any that has been before. Thanks to a number of reasons (such as property, equity markets and longer life expectancies) $3.5 trillion will move hands in Australia over the next two decades. Savvy advisers need to start thinking TODAY about how this shift in assets will affect their clients and their bottom line.
An introduction - Part 1
A huge sum of wealth is acquired by beneficiaries every single year – whether in the form of inheritance after death, or via gift transfers. However, over the last few years, headlines about ‘the inheritance economy’ and ‘the big intergenerational wealth shift’ have appeared just about everywhere in developed economies.
It's no surprise that we believe the best advisers take a holistic approach to their clients' investments--that the best advisers focus on long-term outcomes instead of beating short-term benchmarks. Even these advisers often struggle to prove their value. Let's change that.
The serviceable number of clients is different for all advisers. It is often complex and depends on several factors such as: client AUM and revenue, operational efficiency, technology integration, team structure, and the adviser’s service model.
Want to know why the tortoise beat the hare? He (or, more likely, she) stayed focused on the finish line. The tortoise was all about the outcome.
In a recent study that we shared, we found investors who built the most wealth did so with a focus on long-term outcomes. Guess what those with the smallest account holdings did? They focused on short-term performance. They acted like hares. The wealthiest acted more like tortoises.