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Featured Advisor

Srbo Radisavljevic
Managing Principal/Investment Advisor

Edge Portfolio Management


State: IL

At Edge, a low client to advisor ratio allows for personal and customized service for each individual.  Our goal is to work as a team for each client to provide not only portfolio management but wealth coordination and financial planning.  We make every effort to have frequent communication with our clients and to provide timely response to calls and emails.  I also enjoy spending time with my wife and three kids, following Chicago sports, enjoying ethnic cooking, and serving as a school board member for Norridge School District 80.

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Meet the Family--When?

Millennials are the highest proponents of introducing pre-teen children to a financial advisor.

| BY Donald Liebenson

Roughly three-fourths of Affluent households have children, and a majority uses a financial advisor in some capacity. Do these elite investors think it appropriate to introduce their children to their advisor? What do they consider the optimum age to do so?

The highest percentage of Affluent investors has worked with their advisor for between three-to-nine years, according to Spectrerm Group research. Half indicate they have not introduced their children or other family members to their financial advisor. Tellingly, a majority of these investors indicate that their advisor has not asked to speak or meet with dependents or other family members, and thus, perhaps, missing out on a valuable opportunity to retain the assets of a family into the next generation.

Why would a financial advisor not push for an introduction to family members? Perhaps they are taking their cue from the investor, the highest percentage of whom have family meetings on their “to-do” list for the future, according to our wealth segment research. The most common reason they have not done so up until now: “My children have not expressed any interest in my financial affairs.”

More forward-thinking and pro-active Affluent investors who have made the introductions do so to establish a personal connection with their advisor. This was found to be especially true among investors under the age of 40. Women, too, were more likely than men to want to make a personal introduction between their children and other family members and their financial advisor.

The most appropriate age at which to do so? Our latest wealth segmentation study, Advisor Relationships and Changing Advice Requirements, finds that just over one-third of non-Millionaire investors with a net worth of at least $100,000 (not including primary residence) and Millionaire investors with a net worth up to $5 million, consider ages 18-25 to be the most optimum ages to introduce children and grandchildren to their financial advisor.

An equal percentage of Ultra High Net Worth investors with a net worth between $5 million and $25 million (NIPR) consider the 18-25 age range and over the age of 25 to be the best ages at which to introduce children and grandchildren to their financial advisor.

Across the wealth segments we’ve studied, age and net worth are factors in determining the age preference at which to make family member introductions to a financial advisor. Non-Millionaire Millennials ages 35 and under comprise the highest percentage of this wealth segment who think it appropriate to introduce pre-teen children to a financial advisor (30 percent vs. 25 percent of Gen Xers, 5 percent of Baby Boomers and just 3 percent of seniors ages 65 and up).

Likewise, non-Millionaire Millennials are more comfortable introducing teenagers ages 13-17 to their financial advisor (40 percent vs. 33 percent of Gen Xers, and 13 percent each of Baby Boomers and Seniors).

In Millionaire and UHNW households, too, Millennials are taking the lead in being open to introducing their preteen children to their financial advisor. Half of Millionaires ages 45-54 comprise the highest percentage of investors who deem 18-25 as the most appropriate age at which to make introductions.

Analyzed by age, UHNW investors in the 49-54 range are the biggest proponents of introducing children ages 13-17 (29 percent) and 18-25 (48 percent) to their financial advisor.

About the Author

Donald Liebenson

Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.  

A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.