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Asset Preservation Advisors


State: GA

APA’s philosophy is to work closely with our clients to develop an in-depth understanding of their unique needs and objectives. We then customize a municipal bond portfolio that best meets their specific goals and needs. APA manages high quality municipal bond portfolios in four strategies: Short-Term, Intermediate-Term, High Income, and Taxable.

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Financial Advisors Overlook Opportunities

Few financial advisors ask to meet with their clients’ family members, even though most Millionaires are interested in making introductions.

| BY Adriana Reyneri

Financial advisors could be missing an important opportunity to retain and expand their book of business by failing to reach out to their clients’ family, according to recent research by Millionaire Corner.

Few advisors initiate a meeting with their clients’ family members, yet our August poll shows that most Millionaires would like their children and spouses to connect with their advisor.

Nearly one-third of Millionaires surveyed in August say they have already introduced their children or other family members to their financial advisors, and 22 percent of those who have not yet made introductions plan to do so in the future. Yet, less than 14 percent of Millionaires indicate their financial advisors have asked to speak or meet with their family.

Such a meeting would help Millionaires address their primary financial concern, the financial wellbeing of their children and grandchildren. Our research shows that family concerns run particularly deep for ultra-wealthy investors, those with $25 million or more, who stress the importance of raising financially responsible children, as well as the legacy they leave their family. Millionaires surveyed in our monthly poll for May identified their greatest financial fear as losing the ability to make financial decisions.

Millionaires are most likely to hold a meeting with their advisor and family members to make personal introductions, according to our August survey, but others would like to inform their children about their estate of investment portfolio, or to discuss transferring control of their accounts.

Financial advisors must also be sensitive to the fact that not all Millionaires would like their children to get involved in the financial affairs. Among those who have not introduced their children or other family members to their financial advisors, a small share indicate they don’t want their family to know “how much money I have.” Others say their children are not financially responsible, are too young or “have not expressed any interest in my financial affairs.”

Financial advisors who can discern which of their clients are seeking to involve their children, spouse or other family members in their financial affairs can better help these clients address deep financial concerns while at the same time extending their practice to future generations.