Nine out of every 10 advisers suggest involving family members in a clients’ financial planning decisions, according to research by Quilter Cheviot and the Lang Cat.
Researchers spoke to 151 advice professionals and found 17% always include family members when advising, while 77% said they suggest involving the wider family but leave the final decision to the client.
In terms of the related fee structures, advisers appear divided on how to charge for advising additional family members. The researchers found 32% of advisers treat wider family members as separate individual clients and charge accordingly.
Slightly more (33%) charge the family as a single entity, while 17% charge the wider family separately but at a lower rate than the main client.
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It appears that there is significant demand among potential clients for involving their family, with separate research by YouGov finding 66% of people who have received advice expect a financial adviser to also provide advice to their spouse or other family members as part of the service.
YouGov also found 42% of those who involve family expect the adviser to start involving the spouse or family immediately at no extra cost. Only 11% of clients who consult advisers would not want their family to continue receiving advice from their adviser.
David Denton, head of technical at Quilter Cheviot, said: “In the face of the great wealth transfer, it is imperative for financial planners to adopt a comprehensive and inclusive approach that involves the entire family unit. Our research highlights that while many advisers are making strides in this direction, there is still room for improvement.
“By ensuring that spouses and family members are actively included in the financial planning process, we can better meet the expectations of our clients and facilitate a smoother transition of wealth across generations,” he continued.
“This holistic approach not only strengthens family financial security but also builds lasting trust and relationships with clients.”
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