Your Team

Successful wealth transfer plans often start with specialized wealth transfer teams.

Raymond James recently asked investors about how they’re planning for the future of their wealth. And one of the biggest indicators of personal preparedness was working with a team of professionals.

Respondents who work with a financial advisor were more likely to have a documented intergenerational wealth transfer plan in place (84%) than those who don’t work with an advisor (66%). And 82% of respondents told us that working with an advisor increased their confidence in their plans – 54% said it increased their confidence significantly.

Assembling a group of professionals is a positive overall, but the composition of that team will vary based on your personal goals and family dynamics. Financial advisors, estate planning attorneys and accountants are obvious candidates, but more specialized experts like professional trustees or philanthropic consultants could also have a place on your team. Some of our respondents even included spiritual advisors in their planning.

Even if you’re already working with one or more professionals, rounding out your team is a simple way to enhance your planning.

Review your roster

Take a critical look at who you’re working with now. Are there gaps in expertise? Have you outgrown some relationships?

Think creatively

It’s likely you plan to transfer more than money, and managing the future of things like art collections, luxury vehicles or rare collectibles often requires specialized knowledge.

Hold the reins

While your team’s skill and experience are valuable, you know your goals best. Don’t be afraid to point out concerns, bring in new ideas or suggest new players.

Making transfer planning a team effort has its benefits.

91% of respondents with advisors said they feel prepared (52% extremely, 41% somewhat) with regard to their wealth transfer planning.
68% of those who worked with an advisor had tax-efficient strategies included in their plans versus 50% of those who don’t work with an advisor.
primary groups comprise respondents’ wealth transfer teams: financial advisors, estate planning attorneys, family members and accountants.

Keep your wealth going.

Plan to build your wealth’s momentum from one generation to the next (and the next). We can help you make the first move.

Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional. There is no assurance any investment strategy will be successful. Investing involves risk including the possible loss of capital.

Based on a survey of 1,000 individuals with $500,000 or more in investable assets conducted in November 2022 by Raymond James.