“The opportunity for FAs to grow their business via trust and estate services is immense and the timing is perfect,” said Schimmel, who has worked at firms including UBS Trust Company, US Trust, Merrill Lynch Trust Company, Bank of Boston’s Private Bank, and Wells Fargo.

“Gen X and Gen Y could have a combined wealth that exceeds that of the Baby Boomers as early as 2018,” said Michael Roberts, president of Reliance Trust Company of Delaware.

Roberts added: “As such, there is a great need for multi-generational client discussions and related services,” said Multiple studies show that descendants frequently leave their family’s advisors. It will be especially important for FAs to implement trust and estate strategies with the involvement of future generations of their clients. Financial professionals need to be not only conversant, but very knowledgeable in these areas.”

As well as consulting services, Legacy Consulting Partners provides day-long training programs.