C Is for Customized Experience and Family Wealth Planning

Executive summary:

  • The trend of customization is showing up in the financial services world too
  • Many advisors are now providing customized wealth management services to their clients and their families, often across multiple generations
  • This personalized treatment holds value for investors as it can help them achieve a smoother investment journey and an orderly transition of wealth

Everyone likes to feel special. We like it when we get things our way – be it the toppings on our hamburger, the features on our new car, or the a-la-carte service at the salon.

But even though we enjoy the choices that customization provides, that isn’t enough anymore. There’s a reason why the barista writes your name on the coffee cup, rather than the order itself (even if it was an iced half-caff, 4-pump skinny latte): personalization is where it’s at these days.

Just as we all love the personal touch at the hairdresser or sporting goods store, we appreciate the personal touch when it comes to our investments. After all, that is what each of us has worked hard to build and is what will sustain us in our retirement, help us build our legacy, and be passed on to our heirs.

This is clear in the growing demand from investors for a more personalized client experience and an investment portfolio that reflects their unique goals, circumstances, and preferences.

The thing is, personalization means something different to everyone, and different generations of clients have different expectations for personalized services. Advisors today need to contend with how to cater to the preferences and needs of each of those demographic groups. Amid a huge generational wealth transfer, the growing financial power of women, and the wave of baby boomer retirements, many advisors are now providing holistic wealth management services to clients and their families, across multiple generations.