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Officials at newly formed advice firm Six Degrees say financial advice should be a “dinner table conversation” that involves families.
Six Degrees, launched in November, works to involve the whole family in financial decisions.
Co-founders Catherine Waller and Olly Saiman said they wanted to fill the advice gap in wealth services and encourage the whole family to talk about money.
“We ask people, ‘Who else should be part of this conversation?'” Saiman said.
“Many people think that the creators of wealth are the customers, but wealth is not created in a vacuum. There are ecosystems that make it possible.”
Saiman said the benefits of having wealth conversations in clients’ homes became clear during the COVID-19 lockdown.
At the time, the two had worked together at RBC Wealth Management for more than 10 years.
Saiman added, “During COVID-19, advisors parachuted into clients’ living rooms to meet with families and provide richer family conversations and richer wealth conversations.” he added.
“While we were having conversations while physically separated, they were actually much deeper conversations. Conversations in the home are making people’s time more valuable.”
Meanwhile, Waller added: “Everyone thinks about money very differently. The point of doing it outside of a corporate environment is that you can get to the heart of what’s important.”
Six Degrees believes there is a gap in advice when it comes to high net worth clients.
Part of bridging this gap is providing information in the app that shows all of a client’s investments.
Waller said: “Typically, when these individuals receive information about their investments, they receive spreadsheets and PDFs that seem crazy.
“It’s not so much transparency that creates doubts, it’s the technological gaps.
“We wanted to create something essential that represented a liquid investment. [it also shows] Real estate and private company stock holdings.
“They probably have other family members in mind as well, and the ability to see all of that in one place is invaluable.
“The app becomes that space not only for the person creating wealth, but also for other family members.”
Overall, Waller and Saiman said they want to tap into the more analytical parts of the left side of the brain and the more creative and emotional parts of the right side.
Saiman added: “Most wealth advisors think it’s a left-brained conversation that should come with spreadsheets.
“While that’s important, this is equally a right-brained conversation. This is an emotional conversation that we don’t feel is appropriate in a corporate setting, and it’s a kitchen table conversation.”
Six Degrees works with people who have investable assets of between £3 million and £50 million.
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