Baird Private Wealth Management builds multi-generational teams to secure client legacies across generations

This article is sponsored by Baird.

Bạn đang xem: Baird Private Wealth Management builds multi-generational teams to secure client legacies across generations

Bridging Generations at Baird Owensboro

For Baird Private Wealth Management, helping families transfer wealth through generations is more than just passing money from one person to the next. Rather, it’s sharing family values with kids and grandkids to empower them as the next generation of players in the family’s legacy. The firm feels strongly that by helping families get on the same page about their beliefs, wealth can transition down the family tree in a much more meaningful manner.

At Baird Owensboro, this idea comes to fruition through the use of multigenerational advisor teams. 

Connecting Generations for Effective Succession Planning

Xem thêm : Best Roth IRA Accounts for December 2024

The local office intentionally creates teams with advisors of various generations to help drive connections between the multigenerational families they serve. This gives family members an opportunity to relate with an advisor in their respective generation and provides the whole family with comfort that their wealth will be taken care of by a team they have time-honored ties with – now and well into the future.  

Associate Branch Manager and Financial Advisor Shannon Raines says this multigenerational relationship-building initiative is designed to provide a seamless family succession plan while continuously adapting to evolving client needs:

“We have clients that have been with us for four or five generations,” Raines said, “When someone becomes a client, we want them to be a client for their lifetime, and we want to help transition their assets to the next generation.”

Through establishing close relationships with the younger generation, advisors can prepare their young clients to handle any wealth transfers that could occur down the line.

Combining an Array of Experience, Knowledge, and Perspectives

Clients also receive a blend of experience and insights from teams that include both seasoned advisors and younger team members. While a senior advisor may bring years of experience and expertise to the conversation, a more junior one can bring innovative strategies stemming from their more recent education. These diverse perspectives can be invaluable for families as they navigate the complexities of multigenerational wealth.

“Some teams actively seek younger advisors for their fresh ideas and perspectives,” Raines explained. “Clients can benefit from having both someone in their 60s and someone in their 30s on their team – they approach things differently, and it helps to enhance the services we can provide.”

Xem thêm : 3 Ways to Give Better Advice by Understanding Behavior

Recently, one of Baird’s Owensboro teams set out to do just that – and expanded their group to add on a new Financial Advisor, Nolan Thomas, who specializes in guiding younger family members through the generational transition of wealth. Having been in his role for a year now, he said he’s had the opportunity to experience how his multigenerational team benefits clients.

“Having a multigenerational team from diverse backgrounds enables us to collaborate effectively, offering unique perspectives on clients’ needs and plans,” Thomas said. “By leveraging our collective expertise, we work together to develop tailored solutions and provide the highest quality service and desired outcomes for our clients.”

Initiating Productive, Family-Wide Conversations

In addition to serving clients one-on-one, Baird supports family legacies through structured family meetings – a proactive method that utilizes open communication to address the values surrounding future wealth transfers. These meetings offer an opportunity to discuss key family principles and expectations before any transfer of any assets is initiated, often focusing on family history and goals rather than specific dollar amounts.

Receiving an inheritance from a loved one can be a significant responsibility for the next generation of a family, but coordinating a family meeting before that happens can be extremely helpful. This allows Baird’s Financial Advisors to help families explain the effort that went into accumulating the wealth and why transferring it with care is essential.

Baird Private Wealth Management embraces a commitment to strong multigenerational relationships, values-based wealth management, and forward planning. With their multigenerational approach, advisors aim to safeguard families’ legacies and initiate smooth wealth transitions that can benefit families for decades down the line.

To discuss your personal or business financial planning goals, please contact a Baird Private Wealth Management Financial Advisor at (270) 926-4747 or 1035 Frederica Street, Ste 100, Owensboro, KY 42301.