How Advisors Can Reach the Next Generation by Solving Senior Clients’ Pain Points

For most full-service wealth management firms, the majority of clients are aged 60 and above.
Advisors want to establish relationships with their clients’ adult children before incapacity or death — yet many struggle to make that connection.

When advisors directly ask senior clients for introductions to their beneficiaries, they’re often turned down. The reason? The approach feels transactional, not relational.

The Classic Scenario

Take Hugo and Alice, married for 45 years, with three children in their late 30s and early 40s.
For 15 years, every meeting and call has been with Hugo alone; Alice never attended.

When asked about estate documents, Hugo says both the power of attorney (POA) and will are complete — Alice and daughter Stephanie will serve jointly.
When you ask to meet the children, Hugo declines: “No need.”

If you insist, Hugo’s answers might include:

• “My kids are fine.”

• “They already have advisors.”

• “They use robo-advisors.”

• “They’re independent.”

• “They’re not interested.”

The Real Problem: Advisor-Centered Conversations

This kind of request sounds self-serving.
Clients hear your fear of losing their accounts after death — not your concern for their wellbeing.

Instead, shift the focus to your clients’ pain points, even if that doesn’t directly benefit you.
Ask about their long-term financial worries. Make sure to meet both spouses — not just the one managing the finances.

This isn’t just good practice; it’s a regulatory and ethical obligation.
A 2023 Sun Life Global Investments survey found that 80% of widows change advisors after their husbands pass away.

If you’ve never met Alice, you risk losing the relationship — and the assets — long before the wealth is transferred to the next generation.

Finding Hidden Pain Points

What Hugo hasn’t told you is that Alice is the primary caregiver for their disabled adult son, Frederick.
Hugo worries about what will happen when Alice can no longer provide care — but avoids the conversation.

This is where a good advisor can add value.
You might suggest creating a trust for Frederick’s long-term care, exploring insurance solutions, or involving other children like Stephanie and Ronald in planning.
By helping the family address these concerns, you’ll naturally build trust with the next generation.

The Importance of a Trusted Contact Person

Meeting the children also allows you to establish a trusted contact person (TCP) — someone you can reach if something happens to the clients.

Imagine this scenario: you can’t reach Hugo or Alice, and months later you learn that Alice suffered a stroke and Hugo passed away.
Stephanie, as POA, moves the assets to another firm.

You lost that relationship years earlier — when you failed to record a TCP or fully understand the family’s caregiving responsibilities.

The Takeaway

Before asking for referrals, rethink your approach:

• Identify and address your clients’ pain points.

• Build relationships with spouses and caregivers.

• Use regulatory tools like TCPs to protect your clients and strengthen family connections.

By putting clients — not yourself — at the center, you not only meet your professional obligations but also create the bridge to the next generation.

Sources

• Sun Life Global Investments, Women and Wealth Study 2023

• IIROC, Trusted Contact Person Guidelines

• Financial Planning Standards Council, Client Engagement Practices