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OppenheimerFunds39 New York offices

OppenheimerFunds to Offer Consulting to HNW Advisors

OppenheimerFunds taps Legacy Capitals to coach HNW advisors, the money talk is awkward but necessary and InvestCloud partners with Boston Saves.

OppenheimerFunds is partnering with Legacy Capitals, a family wealth consultancy, to provide coaching and tools to help advisors better serve high-net-worth (HNW) clients. The consultancy will conduct more than 20 workshops across the country to train advisors, bankers and RIAs on differentiating their practices in the marketplace, deepening their relationships with wealthy families, and acquiring new HNW clients. "While many advisors are comfortable with financial discussions, they may be less so in preparing the family emotionally and [psychologically] when it comes to their assets," said Richard Orlando, founder and CEO of Legacy Capitals. "These workshops will help advisors serve the qualitative planning needs of their clients, helping them prepare families for their assets, rather than simply preparing the assets for the family." The program is part of OppenheimerFunds’ practice management offering, CEO Advisor Institute.

When to Have the Money Talk

Nobody wants to initiate the family money talk, indicates a new TIAA survey. While both parents and their adult children consider financial conversations to be important and also sense the other generation is open to discussing finances, only 11 percent of parents and 37 percent of adult children say they are likely to start a conversation about money. Part of the problem? There's disagreement about when such a discussion should take place. About a quarter of parents think the money talk can wait until age or health becomes an issue, while a quarter of children think the talk should take place well before their parents reach retirement. The survey also found that compared to families who don't talk about money, families who do tend to feel more positively about finances.

InvestCloud Supporting Boston CSA Program

Copyright Junko Kimura, Getty Images

InvestCloud is partnering with the city of Boston to create Boston Saves—the city’s Children’s Savings Account (CSA). The idea is to let families create long-term, goal-based savings plans for college, post-secondary and training education for their children. The program runs on InvestCloud’s digital platform, allowing families to track progress, review savings plans, earn rewards, sync accounts to transfer funds, and get personal financing advice online. InvestCloud CEO and co-founder John Wise said the deal proves InvestCloud’s flexibility of wealth management support—from complex family offices and high-net-worth investors to average families. “While they might not consider themselves "wealthy," they can still benefit from our platform to help them achieve their lifetime goals and family plans.”

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