The Power of Checklists

Practical Tools to Inspire Client Wealth Conversations

Pilots use them; doctors use them; why not trusted financial advisors? Checklists are powerful and practical tools for moving the client conversation from maximizing investments and minimizing taxes to what’s important to the client’s children, grandchildren and others held dear—their goals and passions—today and in the future.

Why are these family conversations important? To keep the inheriting generation as clients, advisors need to develop meaningful relationships with them, before wealth transfers. But how can an advisor, who lacks the training, engage clients in conversations about the softer side of wealth?

Pull Out a Checklist!
For advisors, checklists help initiate, and guide, conversations they’ve probably never had before with their clients. Advisors can also use checklists as an effective way to suggest topics clients should be having with their children.

For families, checklists help clarify priorities and identify actions to take to prepare their heirs to be responsible stewards of wealth.

A Sample Checklist—10 Family Wealth Topics
The Family Wealth Conversation Checklist was developed by the Institute for Preparing Heirs with conversation topics that help prepare the family for a successful wealth transfer. Each item on the checklist suggests a broader conversation the family can have on their own or with the guidance of their trusted advisor, or a skilled family consultant/coach. Click to view Family Wealth Conversation Checklist 

Topics are most effective when discussed in a family meeting where all members are present. (Keep in mind that some level of advisor training is important when leading family meeting conversations.)

Becoming The Most Valued Resource to Your Best Client Families
While checklists are wonderful resources in introducing new family generational conversation topics, it’s learning how to most effectively communicate the value of the checklists, and other tools, that will further differentiate advisors from competitors who do not have the skillset and toolset to equip families for a successful wealth transfer. Intergenerational wealth transfer training is key!