Financial Planning - Prepare a Will or Living Trust

from Family Gatherings:

What Greenberg is describing is the perfect opportunity for multi-generational marketing. For today's advisor, extending the personal relationships developed with special clients to their families is one of the most effective ways you'll find of growing your business. After all, there's a whole generation, born during the baby boom following the First World War, that has built up a lifetime of assets. And their kids -- comfortable post-Second World War baby boomers -- are building up even more assets. Add in some grandchildren with expensive education costs and you've got a recipe for a serious transfer of wealth.

The question every advisor should be asking is: who gets to handle all that wealth?

In the Greenbergs' case, Tang does.

Tang, centre manager of Imperial Financial Services in Richmond, has been a financial planner for 15 years and has discovered the hard way that she must regard her practice as multi-generational. Her wake-up call came when a number of clients died without wills. With more than half of her client base over 60 years of age, she doesn't like those kinds of surprises -- and now tries to avoid them at all costs. "I'm being more proactive now than I was five years ago," she admits.

First, she makes sure every client has a will. "Clients tend to procrastinate," she says. But she won't let them. In fact, she'll put them in touch with a lawyer who will draw up a simple will for just $30. Most important, though, she asks to meet the executor of the will. "All I need is an introduction," she says. Once an introduction is made, she can then contact the individuals directly.

These days, about 30% of her business is multi-generational. And she expects that figure to increase.

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Please note: Ms. Mimi Tang, offers financial planning and insurance services as an independent representative, under Mimi Tang Wealth Management and Consulting LTD. and these services are offered independently of PEAK Securities.

PEAK Securities inc., an IDA registered, full service investment broker, limits its responsibility to investment products such as stocks, bonds, and mutual funds. PEAK Securities inc. is a member of the Canadian Investor Protection Fund.

Call Mimi Tang at (604) 926-8068 or email mtang@peakgroup.com
for financial planning in Vancouver, British Columbia, Canada.