Forbes CEO Sherry Phillips and Corient partner Adam Katz discussed how trust and relationship building serve as the primary drivers for creating lasting wealth.

This shift in perspective highlights a move away from conventional business development toward a model centered on human connection. As high-net-worth individuals prepare for generational transitions, the ability to maintain trust becomes the defining factor in whether a legacy remains intact or dissolves.

Phillips and Katz focused on the distinction between traditional business development and relationship development. While the former often focuses on transactional growth, the latter prioritizes the long-term bond between the advisor and the client. This approach is designed to ensure that wealth management strategies align with the personal values of the family, rather than just financial benchmarks.

The importance of this relationship-centric model is underscored by the scale of upcoming financial shifts. Projections indicate a wealth transfer of $54 trillion over the next two decades [1]. This massive movement of assets requires a framework of trust to ensure that the transition does not lead to familial or financial instability.

Katz, who leads the Entrepreneurs and Founders Practice Group at Corient, said that trust is the ultimate asset when building a legacy. By focusing on the human element, advisors can better navigate the complexities of founder-led businesses and the emotional weight of transferring wealth to the next generation.

Phillips said that the focus on trust allows for a more sustainable form of growth. When clients trust their advisors, they are more likely to engage in the difficult conversations necessary for effective estate planning and legacy preservation. This stability is critical as the global economy faces increasing volatility and shifting regulatory landscapes.

“Trust is the ultimate asset when building a legacy.”

The emphasis on trust over transactional business development reflects a broader trend in wealth management to address the 'human' side of finance. With a historic $54 trillion transfer looming, the industry is pivoting toward behavioral finance and relationship management to prevent the erosion of wealth during generational handoffs.