ship with money . “ Maybe they came from a family that just didn ’ t talk about money , and so it ’ s incredibly hard to be able to ask their peers and other people what they ’ re doing ,” she says , adding that some of it comes down to the fact that it ’ s an uncomfortable topic area that “ can feel quite isolating .”

While the research made clear that investments and wealth strategies are critically important to this group , their concerns go beyond that , and one of their biggest concerns is about the next generation and family governance , she says . “ What are my kids and grandkids going to do ? Do they have the skills necessary to steward the wealth going forward ? How do we get organized and deal with potential conflicts that might come up as it relates to our family business and our family going forward ?” The wealthy survey respondents also worried about their mortality and health , she says .

That means advisors working with the wealthy will have to step back and focus on discovery , asking open-ended questions . “ Because if you can understand someone ’ s concerns and also someone ’ s priorities … what they care most about , what they hope to see achieved in their legacy and their planning , then you can

start to link in the investment and the trust and estate and the wealth planning advice to help support that ,” she says .

At the end of the day , the clients might still feel alone , “ but if we can help to start close that gap and help to provide some advice and learnings from other families , that ’ s helpful .”

“ If you can understand someone ’ s concerns and also someone ’ s priorities … what they hope to see achieved in their legacy and their planning , then you can start to link in the investment and the trust and estate and the wealth planning advice to help support that .”

— Anne Bucciarelli , Bernstein Private Wealth

Bucciarelli says advisors can help clients navigate the emotional and financial complexities that come with having significant wealth in the following ways :

• By understanding the clients ’ concerns . Advisors , Bucciarelli suggests , can engage clients in a conversation by delicately , but directly , asking questions such as “ What ’ s on their mind , what are their issues and concerns around wealth ? What are their

motivating factors , what ’ s holding them back from executing plans ?” The clients need “ a little bit of a nudge and a push to know that this is a space that they can talk to their advisor about these concerns .”

• By being educators . Ultra-wealthy individuals are hungry for information about the ways their peers handle their finances .

Advisors can show them examples of how other clients they work with are navigating similar issues , and what has and has not been successful , Bucciarelli says . They can also take examples from research .

• By being a facilitator . Family drama can be tricky , and Bucciarelli says advisors can help family members work through decisions to diminish conflicts and get more family members involved .

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NOVEMBER 2024 | FINANCIAL ADVISOR MAGAZINE | 27