RSS Facebook Twitter LinkedIn

Featured Advisor

Kim Butler

Partners for Prosperity, Inc.

City:Mt. Enterprise

State: TX

I have 20+ years of handling alternative investments in cash, growth and income for clients nationwide.  I strive to help my clients with all things financial in every way possible over the phone and the web.  I own an alpaca farm which I enjoy working during my downtime.  I also enjoy gardening, writing and reading books.  I also train other advisors on Prosperity Economics.

Click to see the full profile

Share |

September 18, 2014 Millionaire Fact of the Day

Did you know that wealthy investors worry about the ability of financial advisors to eventually form relationships with their children due to reliance upon mobile technology? 

I don't know about you...but my children are constantly using their mobile devices to communicate.  They text....instagram...snapchat....and use other forms of social media to communicate with their friends.  Sometimes they will text or email me....but to them is something from pre-historic times.  I often worry that people will forget how to communicate face to face....and what does that do to the ability to form relationships?

Wealthy investors worry about this as well.  Our research shows that younger households with more than $25 million of assets think it is important for their financial advisors to develop relationships with their children.  But how can advisors do this?

Investors need to push their advisory firms to develop new forms of communication.  Granted, many of these firms and their communications are subject to regulatory and compliance hurdles...but they need to be creative about how they can still use newer technologies while still working within their regulatory guidelines.

Let them develop videos to educate your children about finances.  How about using the technology now available to allow for texting?  (There is technology that financial firms can use that allows them to save texts.)  What about having a family meeting with the advisor via Skype or Facetime or Google hangout? 

In order for your advisor to develop a relationship with your kids...he or she is going to need to adapt his or her communication methods.  After all...your children are the customers of the future!  Check out our Best Advisors to find one that will help you.