Louise Stoten recently participated in a roundtable discussion on wealth planning, reported in the STEP Journal. The discussion brought together eight advisers to examine how different professional disciplines can work together in the best interest of clients.

Wealth management is becoming increasingly complex, and many professional advisers are regularly faced with scenarios that lie beyond their own expertise. Working collaboratively — even with those who might otherwise be considered competitors — is increasingly important.

As Louise noted during the discussion: "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."

The conversation also touched on how family wealth can be used to address the differing needs of multiple generations — the "sandwich generation" balancing education costs, housing and retirement — and the value of involving younger team members to bring a next-generation perspective.

The roundtable concluded on a positive note, with all those present agreeing that "the key was communication and collaboration to find the best path for the client."