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Wealth Management


at some point.’ [But] I’m open to the idea that that might not be true,” Cassaday says. “We’re telling clients we have no idea when the next market correction will occur. … It’s impossible to know those things — but it’s likely we will have some kind of change in the pattern. And I think it’s likely the change will be a sideways movement, a consolidation moment from which we can resume an uptrend.” “Ignore the fact that this is the


second-longest bull market in history,” Edelman says. “That’s not a terribly relevant data point, and the reason is that the circumstances of this bull market are very different from those in the past. … The fact that it has been nine years is not as significant as the fact that the rise has been slow and steady. It’s been the tortoise, not the hare. So you shouldn’t fear it. You shouldn’t be afraid merely because it’s been so long. Second, we have to remem- ber as well that the decline that preceded it was extraordinarily deep. So, the deeper the hole, the longer you have to climb out of it. Part of the reason that this recovery has been so long is because the decline that preceded it was so deep.”


In addition to gauging the health of


the market, wealth management advisers today are also more likely to be taking a broader view of their clients’ lives, coun- seling them on more than just financial goals for retirement. And with wealthy baby boomers and members of the silent generation entering their 70s and 80s and expecting to live longer, their planning is more likely to also involve their clients’ grown children and grandchildren. “You have all these baby boom-


ers who have aged. A lot of them have substantial wealth. They’re not necessar- ily the Kennedys and the Rockefellers, but they’re doing the same kind of thinking — they’re having genera- tional thoughts,” says Joseph W. Mont- gomery, managing director of investments for Williamsburg-based The Optimal Service Group of Wells Fargo Advisors, which has more than $12 billion in assets under management. Extended life spans also make wealth


planning more complex, involving setting goals such as paying for long-term care in the event of illness, Edelman points out, not to mention saving for college for


children or grandchildren. Like her peers, Dalal Salomon, CEO


and founding partner of Richmond-based Salomon & Ludwin LLC, has been work- ing with multigenerational clients for decades. She says that multigenerational planning is critical because “wealth- transition experts’ studies have shown 70 percent of families lose control of assets as well as experience loss of family harmony following the transition of an estate to the next generation.” Some firms, such as Reston-based


PagnatoKarp, try to help families sur- mount these problems by guiding them to write down their values and draft mission statements to help them identify mutual goals for wealth accumulation. “The baby boomers are just getting


older, and they’ve been such a big part of our population,” says PagnatoKarp founder and CEO Paul A. Pagnato. “Their children over the next 10 years will be inheriting approximately $10 trillion. That older generation has the bulk of wealth in our country, and it’s important for that transition of wealth to be suc- cessful.”


84 DECEMBER 2017


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