You don't need a crystal ball to make this prediction: ten years from now, our profession won't look anything like it does today.  In fact, given the current regulatory environment (with the advent of “fiduciary duty,” regulators trying to justify their existence after Madoff and the financial meltdown, and FINRA’s push to expand its suitability rules and obligations to include recommendations involving non-securities products and transactions), it wouldn't be too big a leap to say that if we could catch a glimpse of that future right now, it would look more like an alien planet than the world we're used to working in.  

So, what now?  Do you hunker down, wait it out, and hope for the best? Narrow your focus, and become a specialist in a very specific area? Or, even leave your profession, and take up something new?  

Hockey great Wayne Gretzky had a unique way of describing how he approached the game: "I don't skate to where the puck is," he said.  " I skate to where the puck WILL be."   That is great advice for those of us in our profession these days. That is, of course, if we have an idea where our 'puck' is going to be!

The future (where the puck will be) lies in heritage planning; the 3rd element to effective planning.   We know that, despite our best financial and estate planning, 90% of all families will fail to keep their money and family together for more than three generations.  Do you believe that planning with a 90% failure rate will satisfy both fiduciary and suitability responsibilities that are being thrust upon us?

The Heritage Process helps advisors to satisfy their fiduciary duty by preparing the next generation so the planning will work long-term. It will also help the advisor to satisfy any suitability questions because they will have a Heritage Statement that states the client’s goals for the next 50-100 years.

For a personal assessment on whether The Heritage Process will fit into the practice you are taking into the future, please e-mail or call us today at (877) 447-1659.