Why multi-generational planning can be a double-edged sword

One of the things Kirk Klein is proud of his work at Gainesville, Florida-based firm Koss Olinger is the multi-generational approach the firm takes.

“We have three generations of advisors at our firm, and we have several family situations where we're actually working with a third generation,” the managing partner and owner of the firm highlighted. “If you look at some of the industry statistics, wealth disappears over time when it changes hands and goes to the next generation."

Klein knows this all too well because he’s part of the firm’s second-generation advisory team. Throughout his time at Koss Olinger, Klein has worked with families for three generations. This has given him a unique knowledge and skillset, as he has worked with these clients for three generations of wealth transfers, becoming a trusted member of their family.

This is one of the few reasons he was named as an InvestmentNews Awards 2024 Excellence Awardee, with the winners announced on June 20 at 583 Park Avenue, New York City in a glitzy, red carpet ceremony. Click here to register to attend.

Klein is quick to point out that the third generation of wealth is more than it was back in the 60s. “I think that’s a real testament to what we do, and how we're structured. And I know that that's not common in our industry,” he added.

However, the multi-generational approach is also a double-edged sword as he highlights it’s one of the challenges the industry faces.

“A lot of people are really struggling with it,” he says. “And I think the challenge there is not all generations work well with each other. So, I think you have to figure that out. And we've done that through management style. We’ve had a pretty solid succession plan in place since around 2009 or 2010.”

Despite being a financial advisor, Klein enjoys working with the younger generation. If he wasn’t making his career in the financial services sector, he would likely be teaching calculus at the college level.

“I always liked math and I have a lot of patience. At least, that’s what my wife tells me.”

For more details about the InvestmentNews Awards, including a list of all finalists and details of how to attend, follow this link.