Fidelity offers program to help advisers manage wealth transitions
The eight-step plan emphasizes using emotional intelligence in a systematized way.
In an effort to “operationalize emotional intelligence” among advisers, Fidelity Institutional has developed a program to help advisers handle generational wealth transitions and retain assets that they currently manage.
The program, called The Decade of Generational Wealth, has eight steps, ranging from approaches for navigating a change of control with the primary decision maker to planning for the boomer succession in an adviser’s practice.
Fidelity research shows that while 58% of Gen Y and Gen Z investors expect to inherit assets in the future, only 39% of advisers say they have a successful track record of partnering with the next generation through a wealth transition. In addition, just 46% of advisers say they are successful partnering with female clients through a wealth transition.
Fidelity said that its Center for Family Engagement, which developed the program, tries to give advisers the emotional intelligence skills to help them develop the practical capabilities for “tackling emotional issues, engaging family wealth systems, and facilitating generational family conversations through a differentiated mindset and skillset approach.”
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