I recently participated in a roundtable discussion on wealth planning which was reported in the STEP Journal in an article by Helen Swire.  There were eight of us in all and the discussion was wide ranging and looked at how different advisers can work together to provide the very best service for clients.  St. James’s Place Private Clients was kindly sponsoring the event.

Wealth management is becoming increasingly complex and many professional advisers are being faced with scenarios beyond their expertise.  It is becoming more and more important for clients to deal with a multidisciplinary team which can mean that you are working with your competition.

There is now a greater willingness of clients to engage with their advisors and recognition that different professionals bring different things to the table. This prompted my comment that ‘We need trust and understanding of each other’s different areas of expertise, and to recognise that everybody has a slightly different emphasis and skill that they can offer.’

Key to being able to work collaboratively in the best interest of the client is to have client- objective-based approach and to simply get over the hurdle which is the fear of working with your competition.

The eight experts also considered how family wealth can be used to address the different needs of generations.   We are particularly mindful of this when considering how many of the trusts we administer should invest so that they can balance the competing demands of the “sandwich” generation” for education costs, housing and retirement. Members also highlighted the value of involving younger members of the teams and ensuring a next-generation perspective along with the need for educating clients so that they were aware of the options available.

The discussion was wrapped up positively with all those around the table agreeing that the key was communication and collaboration to find the best path for the client.

Click here for full article by Helen Swire, Holistic Wealth Planning, STEP Journal (Vol 27, Issue 4) page 64.