Multigenerational approach to wealth management


In the 15 years since Melissa Joy joined the team at Center for Financial Planning, there’s been a dramatic changing of the guard. As the founding partners step closer to retirement, the second generation of leaders is taking their place. In the December cover story of Real Assets Adviser, Melissa describes how the internal change at The Center mirrors the changes Center clients are experiencing in their own lives.

We have evolved from the first generation. Now the second generation is working really hard to make sure that we are  identifying young talent to continue to look down the line. But also for our clients we want to focus on their needs from one generation to the next.”

Today, Melissa works as The Center’s director of wealth management. She explains that generational service starts with effectively communicating whether clients are in their 80s or their 30s. Taking a multigenerational approach means working with clients throughout their lives as their needs change while also providing service to clients’ children and grandchildren.

Generational Value

A cornerstone of The Center strategy for multigenerational wealth management is the family meeting. By offering meetings to work with a family’s next generation, we help establish successful financial habits and preparing for significant wealth inheritances, two things that won’t happen in a vacuum.

It’s about helping the parents of adult children to very intentionally work with their families so that there is both the legacy of money passed from generation to generation and a  legacy of a financial perspective that the parent can help to pass on to their children and prepare them for that financial legacy.”

Melissa tells Real Assets Adviser that Center clients want to be good stewards for their family. With help, they are able to pass on both wealth and a wealth of financial knowledge.

In addition to her comments on generational planning, Melissa described the team-oriented complexion of the firm today.

We are much more team oriented than we were when I joined 15 years ago…. And we think it is great for clients as well.”

As we celebrate our 30th anniversary, the lessons learned from our first three decades continue to be refined and employed on behalf of our clients.