How Lasso Can Help Advisors Win in the Great Wealth Transfer

For advisors, there might be only one thing more top-of-mind than gaining new clients: retaining your current clients. 

But what happens when those clients age out of retirement, and their assets are split amongst heirs? A key part of retaining intergenerational wealth is building relationships with your clients’ families early and consistently. 

Lasso gamified, goals-based app can help create connections with individuals of all ages, while keeping the conversation focused on their unique financial goals. 

What is the Great Wealth Transfer? 

It’s estimated that the baby boomer generation, born between 1946 and 1964, hold anywhere from $30 to $68 trillion in wealth. The Great Wealth Transfer (GWT) refers to the idea that as this generation ages into retirement and passes away, those assets will be bequeathed to younger generations.

This poses a problem for advisors, because 66% to 95% of children fire their parents’ advisor and move their assets elsewhere after receiving an inheritance. Keeping intergenerational wealth in-house for firms is essential to growth and sustainability, but it requires a change in tact – the client expectations for younger generations vastly differ from that of their predecessors.

By embracing new digital tools like Lasso, advisors can reach out to gen-x, millennial and even gen-z investors throughout the GWT.

How Lasso Can Help Advisors Win in the Great Wealth Transfer

Lasso can help advisors bring heirs into the conversation prior to and during the GWT, thus establishing relationships and increasing account retention in the long-term.

Connect through estate planning conversations

One of the best features of Lasso is the ability to create an infinite amount of custom plans. Quick and easy to create, these plans also allow investors to make adjustments as their life (and goals) change. 

For clients with middle-aged children, the app is a great way to begin those estate planning conversations. Your client can share their plans with their kids and encourage their children to create their own plans for retirement. As an advisor, you can use those plans down the road to begin conversations based on their priorities.

Open the door for younger family members

Did you know that 72% of advisors meet with their clients’ children once per year or less? One of the biggest roadblocks to the GWT may be that your clients’ children simply don’t know you.

For clients with younger children in their 20s and 30s, you can recommend they use Lasso as a conversation starter to help them start planning early and then offer to meet with them and help them think through their goals. 

Long before they’ve even thought about connecting with an advisor, you’ll have made a strong impression and added value. 

Teach financial literacy with a gamified tool

For the youngest adults in the family, Lasso’s digital platform and gamified structure are appealing – it’s easy to understand and can be used right on their smartphone.

Your clients can help their teens and 20-something children start their financial journey with concrete goals for the future.

The simple and goals-based nature of Lasso means it can cater to the needs of every member of your clients’ families – helping you to build relationships with those younger generations along the way.

Thrive in the Great Wealth Transfer with Lasso

Lasso can help you bring family members into the financial fold. Click here to download the app and create your free advisor profile today.

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