Wealth Transfer



The great wealth transfer is upon us! Trillions of dollars in AUM is expected to shift between three generations over the next decade. Planning for these changes can be difficult, unless you have the right strategy in place. Redtail provides a number of suggestions to make this transition as efficient as possible.


1. Add Statuses to Redtail for ‘Child of Client’ and ‘Spouse of Client’.

Database Lists

Database Lists and the Contact Record Video


2. When adding contacts with the Status of ‘Child of Client’ or ‘Spouse of Client’, match the Category of what the Head of Household’s Category is.

Change the Contact Category for records in bulk

Redtail Essentials: Contact Record Video


3. Create Keywords for ‘Beneficiary’, ‘Digital Communication’, ‘Physical Communication’.

Assign Keywords to your contacts in bulk 

Redtail Essentials: Contact Record Video


4. Set up the Client’s tax definition of family within the Family section of the contact record. Edit the ‘Family Name’ to address the household and all family members. 

Create & Edit Family

Redtail Essentials: Relationships Video


5. Add other family of the contact to the Memberships page.


Redtail Essentials: Relationships Video

6. Add membership options for types of relationships that did not exist previously.

Membership Options

Redtail Essentials: Relationships Video 


7. Determine a strategy for communicating with clients based on their communication preference. Here's an example of a communication plan:


8. Create a Workflow that breaks down the fields that need to be added when a family member of a client is added to the CRM. 


Workflow Video Series


9. Add an Automation that starts a workflow when a "client event" activity is added. 


Redtail Essentials: Automations Video



A multigenerational book of business is the gold standard. Not only are new assets added to the firm’s AUM by ongoing business development, the current client’s assets are retained even after a client’s passing since the children or beneficiaries remain clients themselves. 

Download a PDF version of these instructions below! 

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