“ It ’ s more about the moments and experiences that they can create with their heirs , with their children , and with their grandchildren now and less about the dollar amount that they ’ re going to leave them ,” says Jaymon Meikle , a wealth advisor at St . Joseph , Mo . -based Gertsema Wealth Advisors .

While some clients are looking to share those experiences with their children during their lifetime , others want to just spend it on themselves and worry less about what they leave behind , advisors say .

Some of these advisors say the pandemic has changed attitudes : After everyone could leave their homes again , they began spending more aggressively and realized the importance of seizing the moment and not letting it go to waste .

“ More and more folks are traveling more and they ’ re also talking about spending down their assets more instead of focusing on their legacy ,” says David Tam , a financial advisor at Edward Jones . “[ I ’ m ] definitely seeing a trend in utilizing their wealth during their lifetime .”

Over the past three years , he has had clients change their beneficiaries or donate to charities now as opposed to waiting until after they die to pass along their inheritance .

Some clients are waiting to decide whether to give an inheritance to their children so they can observe the kids ’ work ethic , says Donnie LaGrange , wealth manager with Murphy & Sylvest Wealth Management in Dallas . He has clients who will share their inheritance with their children if the kids have worked hard and need financial help .

A clearer financial picture has also influenced clients ’ desire to spend . Crystal McKeon , a chief compliance officer with Houston-based TSA Wealth Management , says that more people are seeking help from financial advisors and developing a financial plan .

“ Financial planning has been a lot more at the forefront the last couple of years than it had been in previous years , and I think that provided people some comfort in knowing that they ’ re not going to run out of money , and they can share this ,” she says .

While the end goal may have changed , financial advisors ’ obligation has not , advisors say . They still need to work with their clients to understand what the clients ’ goals are — and make sure the clients have the savings to accomplish those goals , whether it ’ s to spend money on experiences with the family or spend money on themselves .

And the advisor should put the client first in those scenarios , before children or elaborate family vacations , says Christopher Cybulski , a financial planner at Round Rock , Texas-based Chisholm Trail Financial Group .

“ It ’ s more about the moments and experiences that they can create with their heirs ... and less about the dollar amount that they ’ re going to leave them .”

— Jaymon Meikle Gertsema Wealth Advisors

“ I make sure they focus on themselves before they focus on adding experiences , or things [ such as ] helping family , because they ultimately don ’ t want to be a drag on their family members ,” he says . “ We make sure any money they get is set aside to take care of them first .”

— Edward Hayes and serves about 130 households including mostly preretirees and retirees in the southeastern suburbs of Phoenix . The firm focuses on financial planning , tax efficiencies and providing guidance on charitable giving strategies . Benson notes that many of the people he meets with are from the aerospace sector , a base he hopes to turn into a niche . He also caters to the area ’ s technology professionals .

As for his advocacy work , Benson says he will continue to be engaged in state advocacy work and bring forth more bills when appropriate both on the state and federal level . But he has no plans to pursue political office . “ It ’ s fun and I have a lot of respect for our elected officials ,” he says .

— Jacqueline Sergeant

JUNE 2024 | FINANCIAL ADVISOR MAGAZINE | 13