Karen DeMasters

A financial advisor needs to show his or her value quickly to the second generation when an estate is being inherited from the wealth creators, according to Hiren B. Patel, head of advisor solutions at 55ip, a Boston-based fintech firm that focuses on tax-smart investing. Fortunately, there are strategies that can be implemented to show the inheritors how to maximize the inheritance and limit taxes on inherited property such as stocks, Patel said in an interview.

Financial advisors’ interest in talking to clients about their philanthropic goals increased dramatically over the past eight years and a majority now see it as being good for their business, according to the Philanthropic Initiative. However, advisors are still overestimating the importance of tax benefits for those donating to charity, and underestimating the desire to give back to the community and create a legacy, two studies by the group revealed.

Financial firms are letting good market conditions and mergers and acquisitions carry them forward, but they are allowing organic growth to fall by the wayside, some experts say. That is a mistake, according to three financial professionals with extensive experience in nurturing organic growth. “If you are not growing, you are dying,” Michael Bryan, chief growth officer of Atlanta-based Strategic Blueprint, an RIA that works with advisory firms to promote growth, said in an interview.