“ . . . over 60% of the wealth of one family dissipates from generation one to generation two, and by generation three, about 90% of that wealth dissipates. And you have the same issue with the children of family members. They typically don’t stick with the same advisor. So, you have those two forces working against you. It’s really important. It’s not a good long-term strategy not to focus on it. It’s really important to focus on making sure you’re connected to that multi-generational lineage so that not only do you help that consumer and the consumer’s family retain the wealth, but also ensures that you retain the client.”
– Dan Pierson, Founder of LegacyShield
Inevitably, our advisors’ clients get older, and as we go through life we accumulate assets, both tangible and digital. Planners work with the tangible ones all the time and are quite good at using them to client’s best advantage. The digital ones, however, pose a new set of issues and challenges, both in terms of valuation and ownership, but also with regard to transfer of ownership and access after the owner is deceased. Dan Pierson shows how this new challenge can be turned to an advisor’s advantage when used as a market differentiator for your practice, and used as a bridge to the next generation of clients. You don’t want to miss this innovative and exciting interview topic.
Dan Pierson is the Founder and CMO of LegacyShield, a digital platform for aggregating and keeping financial and other information organized for future generations. Dan started his financial services career in 2001 as an AXA representative and joined Kaiser Financial the following years as the vice president. He shift to do a CEO role with Independent Life Brokerage Corp before founding LegacyShield in 2014. Dan graduated from University of Maryland’s Robert Smith School of Business with a bachelor’s in finance and marketing.