A quick point of demystification. Obviously, advisors already have plenty of clients who are also parents. However, it’s not a stretch to assume many of those clients are baby boomers with “children” that are well into adulthood. It’s entirely possible for today’s boomers to be parents of adults that are in their 40s and 50s.

So with that housekeeping item out of the way, the meat on the bone that is this article is about advisors enhancing their efforts to convert more prospects who are young parents to client rolls. Think millennials and younger Gen Xers, perhaps even the small amount of Gen Zers that are also parents.

There are compelling reasons for advisors walk this demographic, including the fact that today’s younger parents are just like their older counterparts were years ago. Many need and want to work with a fiduciary to craft estate plans, bolster retirement savings, save for a home and the like, but life gets in the way and they procrastinate. A new survey from Fidelity confirms as much, underscoring the need for advisors and young parents to get together.

“Families believe planning matters but many still aren’t prepared. 30% of parents haven't created a will and estate plan that they feel confident about,” notes the asset manager. “This gap between intention and action reveals a major preparedness challenge.”

Estate Planning Is Top of Mind

Not everything about working with clients that are parents is confined to those in younger demographics. Some marquee wealth management concepts know no age bounds and that includes estate planning – an issue that’s top of mind for parents across generations.

Obviously, a parent client that’s in their 30s or 40s has different estate planning needs than a baby boomer. In many cases, those in the former category simply need a plan, which many don’t have. Think of it as setting the foundation, which can be altered as time goes by and assets increase.

Unfortunately, many clients that are also parents – and this is something else that’s not specific to a single age group – realize the importance of clearly articulating who gets what in inheritance terms, but they’re dragging their feet on going from thoughts to action.

“Inheritance remains a sensitive topic that most families avoid. Parents overwhelmingly shy away from discussing inheritance amounts, net worth, or estate wishes with their children—leaving future heirs in the dark and at risk of confusion or conflict later on,” adds Fidelity.

Underscoring the need for parents to work with advisors, Fidelity data confirm just 70% of parents have an estate plan they’re confident in and a third aren’t even thinking about the issue.

Getting Started

Understandably, there’s a level of discomfort for parents and children alike when it comes to end-of-life matters, both financial and healthcare. Still, these issues are vital and should not be considered taboo because they’re not.

Speaking of importance, what’s important is simply getting started on estate planning and healthcare matters. As Fidelity notes, even small steps on these fronts can breed momentum and that’s a good thing. Even better is the point that momentum leads to increased confidence.

“Families who engage in ongoing conversations about wishes, responsibilities, and values are far more confident that their estate plans will be carried out smoothly. Communication, not just documentation, is the game changer,” concludes Fidelity.

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