Becoming a multi-generational legacy advisor: Dr. Denise P. Federer

Listen to Dr. Denise P. Federer, Ph.D. discuss becoming a multi-generational legacy advisor, a five step approach for guiding family wealth transfer.

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afternoon everyone my name is Erica Kay and on behalf of Delaware Investments I'd like to welcome you to our event today is a part of the program working more efficient or learning about your business and if you see me calling you you know we're all about the Next Generation also showing you tactic that reads this generation shall provide an overall upgrade in the level of service call Jack to her work working with family and close hours of operation thank you so much Erica and thank you to all of you for giving up some of your most valuable commodity your time over the next hour my goal is to really try to help all of you look at some possibilities of what you can do in your practice family of what I know in my work, it was successful people and Peak Performance coaches that I do with them if all successful people eventually hit the wall and when you do you work harder and faster to get that next level of success on your comfort zone and you have to be willing to do things differently however the challenge I don't want to change things until they get him comfortable enough so what about yourself and your practice and your clients the other area today and I know that one of the primary principles is that all complex behavior is simple Behavior combined so I'm going to introduce you today but the good news is I'm going to break it down in this introduction until what is that look like and what does that mean and what are some of the skill sets that you have to learn and get comfortable with two hopefully Embrace this concept an overview and there's opportunities down the road to look at how do you believe in my work I have a special team working with family businesses and high-net-worth families and the intergenerational transfer of well I don't want to share with you today what I've learned about that and how you can turn into your practice of the amount of money to be transferred over the next 40 years and some of the $10 will be transferring from the year 2050 to clear your clan and what does that mean for you and I think that it's critical isn't as a major impact on the emotional and financial well-being of her clients the Wet Sprocket with that mean what does that mean wealth transfer is defined as well for meeting under the control of beneficiary and what the person that money once upon the death of a parent daunting information but also give you an amazing opportunity to help that transfer be more successful and who really allow you to have a deeper relationship with your client advisor when you look at the research when it passes away the wife about 70% financial advisor and then I moved into that 98 when the mom actually died what does that mean for you hope your cold but also help your practice not allowed it to thrive what I think it provides is an amazing opportunity to share the vision of the parents financial future and the meaning of money in their lives in order to preserve your clients Legacy and even more importantly if you're willing to challenge yourself and be a little forward-thinking in terms of yourself and your practice you can have an amazing critical role if you're willing to facilitate intergenerational conversations and create opportunities to the question why would you want to do that and how would you go about doing that so in my work the last over 25 years I've developed this program a legacy advisors cooking program with that I want to share with you now there are five general explaining to you and then we'll look at each one and talk about how can you really Implement them into your practice the first thing you want to do is actually Define what the Legacy concept means what it means to you what it means to your practice to the team that you work with and what it can mean to your clients the goal here is it you want to start to establish yourself not just the financial expert but a family effort that you understand the Dynamics going on and your family that you're working with and the impact that the money has on their lives and again I'm going to give you some more examples of the wor...

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