People value their traditions. Families often value their traditions the most – and this can be especially true of high net worth families who want to ensure that not just their wealth but who they are passes down through the generations.
Unfortunately, tradition cannot be boiled down to dollars and cents or assigned a monetary value (unless you count the assayed value of great grandfather’s war medals). It’s value can appear to be intangible and it can appear that there’s no way an advisor can help a family keep track of their values.
The truth is that tradition can be, in most cases, distilled down into something which can be recorded and tracked with the right technology. This can be as simple as ensuring that the right people inherit items of low or no monetary value but which nonetheless speak to some family value, or as complex as establishing what matters in a form which can be used to remind children of what their grandparents care about.
Software can, in fact, track these intangible and non-monetary values and make sure they are preserved and that things that should not leave the family are kept safe, whether that means ensuring items are transferred while the original owner is alive or monitoring the pattern of how things are passed on.
Wealth transfer is the primary concern of high net worth clients. They want to ensure their children and grandchildren have what they may have worked very hard for – and that includes keeping the family traditions in place. Tracking these values can also reduce squabbling and conflict when dealing with a person’s estate by making sure that their heirs inherit the things they most care about as people.
Tracking tradition – it might seem impossible, but it is vitally important for acquiring and retaining high net worth clients.