Over the past year, we’ve devoted considerable time and effort towards educating advisors on how to engage more effectively with wealthy families.

Now, through our partnership with Legacy Capitals, we’re taking this effort to the next level. Legacy Capitals provides advice, education and coaching to help some of the wealthiest families in the nation develop and execute plans to protect their legacy.

We’ve partnered with Legacy Capitals to bring tools and hands-on training to the wealth advisors, registered investment advisors (RIAs) and bankers who serve the high-net-worth (HNW) and ultra-high-net-worth (UHNW) communities.

Having conversations with HNW or UHNW families about what their wealth means to them, what their values are and what they want their legacy to be can be complicated. Our goal with this venture is to equip advisors on how to participate in this conversation and ensure they have the resources they need to help families successfully transfer wealth and values to the next generation.

I recently sat down with Dr. Richard Orlando, CEO of Legacy Capitals, and Beth Landin, the firm’s Family Office Consultant, to discuss our partnership. Here are some highlights from our conversation.

Ned Dane: What attracted Legacy Capitals to OppenheimerFunds? Why did your firm want to work with us?

Richard Orlando: Because you’ve demonstrated a commitment to bringing greater value and solutions to advisors in the high-net-worth space. The research you did with Campden Wealth on what advisors need to know about UHNW Millennials was especially timely and informative. It’s clear from a philosophical standpoint that your organization is moving in the same direction as ours.

Beth Landin: We saw an opportunity to blend our shared expertise. There’s a nice set of complementary skills across both our firms. OppenheimerFunds brings a broad understanding through research and frequent direct engagement with advisors, while Legacy Capitals brings decades of experience consulting and coaching financially successful families and advisors.

Dane: Tell us about the team you’ve assembled.

Orlando: The Legacy Capitals team is unique in that it brings various perspectives and expertise to serving both advisors and families on key issues. I personally have a background that combines Wall Street experience with a doctorate in family systems. We have consultants who have worked in the family office space and have direct experience counseling wealthy families. One of our coaches is a PhD candidate who specializes in emotional intelligence and communication. We also have people on our team who bring their own life experiences in inheriting significant wealth and then raising children in that wealth.

Dane: What are the biggest trends you’re seeing in wealthy families right now? What are the key issues they’re trying to address?

Orlando: I think one of the biggest questions that keeps parents up at night is – how do we ensure our wealth doesn’t become a liability to our children instead of an asset? Also, many parents want to know when is the right time for talking to the next generation about the family’s wealth. And then it’s, how do we prepare our children for the opportunities and responsibilities that come with wealth? Each of these questions is at the heart of our work with wealthy families. Our goal is to equip advisors on how to have meaningful conversations with clients on these topics and then help them with devising actionable solutions for engaging the next generation.

Dane: Why is there a knowledge gap here for advisors? Why do they need the resources your firm provides?

Landin: The gap exists because most advisors are focused solely on portfolio management. They’ve been trained to focus on preparing the assets for the family. While that is indeed critical, our goal is also to teach advisors about what it takes to prepare the family for their assets.

Orlando: Advisors are very competent when it comes to financial planning and portfolio construction. This includes investing, tax planning and protecting assets. The marketplace is coming to them to meet these core needs. But we see an opportunity for advisors to expand on the value they already bring to clients. It’s about how to build upon their success and expand their offering to the rising generation in a way that makes sense to the entire family. This helps retain clients across the generations and it differentiates them in the marketplace. This is what we at Legacy Capitals refer to as becoming a ‘family fiduciary.’

Dane: Do you find that the best advisors are the ones who’ve already made this evolution and changed the way they work with clients?

Orlando: Absolutely. The most successful advisors today understand that it’s all about deepening relationships with clients and their families. It’s not just the financial aspect of it. It’s about taking a holistic look at the people they work with and assessing their needs. It’s also about matching their needs with practical solutions that are in concert with the family’s values. The best advisors today understand that you need to speak to your client’s heart, not just their head.

Landin: The most successful advisors today understand that their client is no longer just the primary wealth holder. They have redefined the concept of ‘client’ to include the entire family, and they are actively inclusive of the rising generation. They’re helping clients prepare their children for the opportunities and responsibilities of wealth, and their intended legacies. This truly elevates the advisor role to one as the entire family’s trusted advisor across generations.

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