% of AUM in Top 5 Relationship

The assets from your older clients will eventually transition and if you’re not working to build a relationship with their beneficiaries, you will lose those assets. You should ideally know (or have been introduced to) at least 50% of your clients’ next gen. Additionally, the greater your average client age, the greater your next gen relationship percentage should be.

Start building next gen relationships today. Hold (at least) annual family-style client events. Ask to be introduced to the kids or whoever stands to inherit those assets. If you’re near age 60 or older, consider utilizing (or hiring) young talent to better build these relationships (how cool would it be if your successor were in charge of building the relationships with your clients’ successors?).