Valentine’s Day is fast approaching. (Take this as a reminder for those still left to by cards and gifts…) This got me thinking about an apparent contradiction. So many are quick to say relationships are at the core of the private wealth industry, but much of the work is centred around relationship breakdowns.
Wealth planning encompasses a large range of services. From pre and post-nuptial agreements, to Wills and estate planning, tax planning and the division of assets. It would be hard to describe any of these as romantic or even necessarily pro-relationships. At least in the way they are currently portrayed.
Few couples – although I am sure some have – are likely to fall in love over tax returns and asset allocation data. Whichever way these are marketed, this is unlikely to change.
However, although these aspects are important. They do not represent the core of wealth management. At its heart, the sector is about providing for and creating a better life for those loved by the clients, whether this is romantic, familial or platonic love.
So many conversations currently focus on engaging the next generation of clients. Perhaps the industry is missing a more obvious trick.
Regardless of their level of wealth, people care about those closest to them.
Understanding all the complexities of wealth management are simply a way to be able to ensure those they care about are looked after and supported even after they are gone may make it seem more appealing to the next generation.
Equally, explaining pre-nuptial agreements do not have to be unromantic may stop children thinking their parents do not approve of their choice of partner or are trying to keep any future inheritance away from them.
Pre-nups allow couples to begin their marriage with complete transparency at least in regards to their finances – something that should surely be celebrated.
When so many arguments between couples relate to money, anything that reduces this must be seen as a positive.
The intricacies of wealth management may not be sexy. Cash flow modelling may never be a ‘date night’ conversation for most couples. But their goals, hopes and future plans can be.
Focusing on these aspects may just entice more people to engage more with the industry and not switch off when the topic is raised.
Perhaps, the wealth management sector needs to be hit by Cupid’s arrow and start spreading the love a little more.
