You probably would agree that ensuring the continuity of assets is a key driver of an advisor's future success. But you may be surprised to hear that it's the leading challenge facing your business, according to top branch managers.

As part of On Wall Street's Branch Manager of the Year Awards, sponsored by MainStay Investments, we surveyed the nation's top branch managers and asked them which event posed a greater challenge to an advisor: retirement planning or wealth transfer. And despite the havoc of the past year, more than 60% of branch managers named wealth transfer as financial advisors' biggest challenge.

Branch managers in our survey estimate that 80% to 90% of financial advisors lose assets when their client dies- mainly because the advisor doesn't know the client's children or heirs. These are alarming figures, especially for younger advisors with an older client base.

Building Trust as a Family Advisor

The consensus of survey participants was that most advisors do not take the initiative in building relationships with their clients' children and other family members. One branch manager said: "Advisors can and should do more around meeting the families and getting to know the younger generation."

Many branch managers acknowledge how hard meeting family members can be and are putting programs in place at the firm level to ease the process. One branch manager described his firm's strategy: "We have a program in our company for our best clients where we'll send their children in the summer to a camp where they learn about money. [We] also have forums where we help families decide what they want to do with philanthropy. I think you have to be very proactive and engaging with wealthy families."

Studies show that taking care of heirs is a top priority for affluent investors, so at your next face-to-face meeting try asking simple but probing questions about family members who are financially connected to your client. (Tell me about your parents/adult children? What is the possibility that they will need to gain access to your assets? Do you wish to be charitable toward them?)

Ask your client to make an introduction to those family members who are financial stakeholders. After the introductions are made, start contacting them regularly and tailor your messages to their motivations and age group.

As one branch manger put it: "You need to understand how a client feels about their children. As they get older, they probably rely more on their children for advice. If an advisor understands that, and they know the family well, that will certainly help retain assets and give the advisor an opportunity to create confidence with the children."

Several branch managers we spoke to also cited geography as one of the main challenges to getting to know client family members. "Families are scattered," one branch manager says. "You may have a client in Houston and they have one child in New York, one child in Los Angeles and another in Minneapolis."

While it's true that family members may be dispersed across the country, there are several ways advisors can address this problem.

The first step in getting to know the family is finding out who they are and where they are located. Chances are there is at least one child or another close family member that is local. This may be the family member that the client relies on most. If no one is local, suggest hosting a conference call with a close family member so you can establish a rapport with them. Or even ask clients to make an introduction via email. It's better than having no exposure to the children at all.

Finally, ask to meet the executor of your client's estate, which may or may not be a family member, but is nevertheless an influential person who will be responsible for distributing the assets. If you have a strong relationship with the executor, they may recommend you to the beneficiaries when the time is right.

Navigating the Complexity

When asked why wealth transfer is such a challenge, one branch manager said: "I think it's because it's more complicated and a higher level of competency is necessary to advise correctly. Wealth transfer requires a greater understanding of taxes, estate planning, etc."

Don't be turned off if you don't know all of the tax and estate planning laws. Chances are your high net-worth clients are working with other financial professionals anyway, especially certified public accountants. But you can establish yourself as the financial quarterback for your clients by offering to initiate a meeting with their other professionals. Ask your clients to put you in touch with the other key members of their financial team to ensure everyone is working toward the same end goal. This will further integrate you into your client's financial and personal life.