{"id":78086,"date":"2025-07-28T11:35:12","date_gmt":"2025-07-28T01:35:12","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=78086"},"modified":"2025-07-31T13:01:24","modified_gmt":"2025-07-31T03:01:24","slug":"keep-it-in-the-family-advisers-urged-to-engage-the-next-generation","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2025\/07\/28\/keep-it-in-the-family-advisers-urged-to-engage-the-next-generation\/","title":{"rendered":"Keep It in the Family \u2013 Advisers Urged to Engage the Next Generation"},"content":{"rendered":"

With historic intergenerational wealth transfer well underway, financial advisers must urgently build relationships with the children of their clients, says financial professional Bobby Ning<\/strong>.<\/p>\n

Speaking at June\u2019s 2025 MDRT Annual Meeting in Miami, the Co-Founder and MD of Canada-based Financial Literacy Counsel<\/a>, said advisers often miss the reality that their business is vulnerable to client mortality.<\/p>\n

\u201cOnce a client dies, the wealth they advised on doesn\u2019t disappear \u2013 but the relationship often does,\u201d he said.<\/p>\n

While that\u2019s not news to readers of Riskinfo, Ning \u2013 whose firm’s baseline consulting fee is CAN$7,000 \u2013 shared ways in which advisers can retain a family\u2019s business \u2013 and it all comes down to cultivating relationships with the kids.<\/p>\n

We’re at the helm of the greatest wealth transfer in history…<\/p><\/blockquote>\n

He noted that 80% of adult children do not retain their parents\u2019 financial adviser, and explained that while most advisers spend decades building strong rapport with their clients, they rarely extend the same level of relationship-building to the clients\u2019 families.<\/p>\n

\u201cThis is not just a statistic, it’s a wake-up call,\u201d he said. \u201cWe’re at the helm of the greatest wealth transfer in history.<\/p>\n

“And I’m here to say that there’s an opportunity for every one of you in your business, in your practice, to connect with the next generation. Because if you don’t know them today, you’ll definitely lose them tomorrow.\u201d<\/p>\n

He said families need to ensure the people who created the money aren\u2019t just passing it on to be spent.<\/p>\n

\"Booby
Bobby James Ning cautions advisers on the risk of not building relationships with clients’ children.<\/figcaption><\/figure>\n

\u201cClients are looking to you, their adviser, to really help prepare their children for the responsibilities of wealth,\u201d said Ning.<\/p>\n

\u201cIf you’re not there for them, someone else will be. Whether that’s their friends or AI technology, because they feel like they can do it themselves.\u201d<\/p>\n

Ning\u2019s advice is to build a multi-generational practice. His firm does this using a framework called ADDIE to help the children of high net worth clients understand money management and the value of prudent investing.<\/p>\n

ADDIE stands for:<\/strong><\/p>\n

    \n
  • Analysis – determine needs<\/li>\n
  • Design – content planning, scope, and sequence<\/li>\n
  • Develop – create, review, approve content<\/li>\n
  • Implement – deliver the workshop\/lesson, collect feedback<\/li>\n
  • Evaluate – conduct process audits and improve content<\/li>\n<\/ul>\n

    ADDIE is used for educational sessions with clients\u2019 children and can start with the basics of helping them keep track of their weekly expenses and the benefit of saving.<\/p>\n

    Ning also outlined his firm\u2019s work with schools going back 25 years.<\/p>\n

    \u201cYou can go in there [a school] and just talk about understanding the concept of when you get your first job,\u201d he said. \u201cHow do you read your payslip?<\/p>\n

    Take every moment and opportunity that you can talk to a child about money…<\/p><\/blockquote>\n

    \u201cWe\u2019ve also got to look at the motivation for these kids. You\u2019ve got to start thinking about what matters to them. You want to talk to them in a way that they feel like you understand them, because if they’re getting paid, it means they’re thinking they can spend some money.”<\/p>\n

    Ning says one of the things he’s learned from speaking with school children is that\u00a0if they\u2019re a spender, they want to spend all their money.<\/p>\n

    “But we show them you can save to spend later,” he says.<\/p>\n

    Clock is ticking<\/strong><\/p>\n

    He also reinforced that time is not on the side of advisers not already connected with the wider family of clients.<\/p>\n

    \u201cTake every moment and opportunity that you can talk to a child about money,\u201d he said.<\/p>\n

    \u201cRemember, eighty percent of them will leave you. So they may be cute today, but in 20 years they disappear because they forget you. Then you’re like, \u2018what happened? I was at your house every year.’.<\/p>\n

    \u201cSo take that five minutes with them, because that five minutes means more to them than you’ll ever recognise, because of the care that you provided.<\/p>\n

    \u201cTalk to them, because even two minutes is better than zero because, then it becomes awkward as you get older.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

    With historic intergenerational wealth transfer well underway, financial advisers must urgently build relationships with the children of their clients, says financial professional Bobby Ning. Speaking at June\u2019s 2025 MDRT Annual Meeting in Miami, the Co-Founder and MD of Canada-based Financial Literacy Counsel, said advisers often miss the reality that their business is vulnerable to client […]<\/p>\n","protected":false},"author":23,"featured_media":78088,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,4495,6831,8287],"tags":[],"class_list":{"0":"post-78086","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-general","8":"category-mdrt","9":"category-practice-marketing","10":"category-succession-planning"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/78086","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=78086"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/78086\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/78088"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=78086"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=78086"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=78086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}