The majority of family businesses in the U.S. do not have a proper business succession plan in place for senior roles, according to a recent report from PricewaterhouseCoopers US Family Business Survey. In fact, 73 percent of family businesses found themselves without a documented succession plan – a trend financial professionals must help their clients combat.
Regardless of income, parents want to make sure they’re able to provide their children with a good life. Passing on wealth to the next generation is often a integral part of this. Fortunately, high-net-worth individuals have more options than most when it comes to wealth transfer planning.
When it comes to estate planning, your clients have a huge number of considerations to make. These difficult questions are compounded when blended families are introduced into the picture.
Insurance agents and financial planners would do well to work to meet the financial demands of the lesbian, gay, bisexual and transgender community, which typically has a higher median income than the general population but overwhelmingly rates their experience in the U.S. financial industry as poor. In fact, a recent Prudential survey found that 63 percent of LGBT Americans give the industry’s attention to their community a poor rating.