Family squabbles can be inevitable. When it comes time to pass on an estate, there is a high risk that most of the money will be lost. Just as important, there is always the risk that items of value, items associated with shared experiences, will be lost or passed on to the wrong person.
Aspida360’s software for professional advisors is designed to reduce the risk and amount of wealth loss when it is transferred down the generations. More importantly, by tracking values and traditions it helps make sure that what is really important is also passed on. Items can be passed on to relatives who have the most emotional attachment to them, and this in turn avoids fights over grandma’s necklace or an uncle’s journals.
These arguments might not seem important in the big picture, but many people would rather have the items of sentimental value than mere money – and family squabbles also result in wealth loss. When somebody challenges a will, it costs the estate a lot of money.
Tracking values might seem a tricky thing – values and traditions, after all, can be quite intangible. However, these intangibles often link to physical objects and information. Besides, by tracking values an advisor can get to know the family better thereby building increased trust that then leads to keeping the relationship through the generations. An advisor who helps the transfer of wealth go smoothly is likely to be kept on by the family, even if the original client who hired them is deceased.
Good wealth management software tracks everything that a family cares about – we start with a comprehensive questionnaire designed to find out as much about the family and their traditions and experiences as possible and continue with an interface that allows everything to be easily kept up to date so proper advice can be given.