Family of Financial Advisors Help Bridge Gap Between Generations

Last Edited by: LPL Financial

Last Updated: July 17, 2018

Jaykay Wealth Advisors

After graduating from the Indian Institute of Technology in India, Jay Kabad came to the United States in 1980 to pursue higher education. After earning an MBA from the University of Pittsburgh, he founded Jaykay Wealth Advisors in Houston. Anasuya Kabad joined the business in 2014, and they work alongside of family matriarch, Kanchan Kabad, chief operating officer.

Jay Kabad chose LPL Financial to support the family’s business in 2008, around the same time they narrowed focus to serving high-net-worth clientele. “We wanted to really compress and focus on key clients where we could apply our knowledge and help them manage finances,” Jay Kabad said.

His relationship-based wealth management practice provides financial guidance to affluent individuals and families, business owners and retirees with a goal of ensuring a smooth transition to retirement and transfer of wealth to the next generation.  “This is a business where we’re helping people and impacting lives. Wealth accumulation and a comfortable retirement do not come about without careful planning,” Jay Kabad said.

Many of their clients have humble roots and built their wealth over time, so it’s important for their children and grandchildren to understand and value their hard work to help ensure wealth is preserved for future generations. “It’s not just about transitioning money,” Anasuya Kabad said. “It’s understanding where it came from and how to put it to good use.”

While Jay Kabad continues nurturing the relationships he’s built with long-term clients, his daughter’s passion is to help younger families and bridge the communication gap between generations. She helps them tackle tough questions, and develops cohesive financial plans for each client. She also holds a series of educational seminars on topics ranging from tax planning to investments to risk management – all with a goal to ensure clients are better equipped to make prudent financial decisions throughout their lives.

The Kabads are able to strengthen their connection with clients because they’re on a similar journey. “Our clients are transitioning into retirement and thinking about how to transition their wealth to their children. In the same way, our firm is also going through that journey. My parents have worked so hard building this firm and want their legacy to continue to the next generation,” Anasuya Kabad said.

Thomas Zgliniec, LPL vice president of Private Client, has worked closely with the Kabads over the years and applauds their method of incorporating multi-generational planning into their practice. “HNW clients have complex needs in general, and family wealth can be even more complex due to the personal nature of it all. Having the ability to build relationships with both the older and younger generations of the family is integral to a firm’s ability to support and retain clients for the long term.”

Jay Kabad said he values the resources LPL has available to advisors working with HNW clients. LPL offers consultation and tools to all advisors to help them attract, win and retain HNW clients. Zgliniec said, “We are here to help complement and supplement their practice. We understand the nuances and complexities of the HNW client. With familial wealth, we are able to help advisors support their clients in ways that transfer not only value to their heirs, but also their values – whether that be through philanthropic desires, educational planning or additional areas that carry weight with the matriarch and patriarch.”

It’s all about staying in touch and having a relationship with clients, Jay Kabad said. “We’re part of their lives, and we’re helping so much. That gives a sense of purpose and satisfaction in what we do.”

His daughter added, “Money, finances and planning can be stressful for some people. It’s very hard, and there’s only so much you can control. To be able to simplify it for clients, and help make them feel comfortable and competent in their financial situation, is very gratifying.”

The views and opinions expressed by the LPL Financial Advisor(s) are as of the date of publication. These views may not be representative of the views of other Financial Advisors and are not indicative of future performance or success. Neither LPL Financial nor the LPL Financial Advisor can be held responsible for any direct or incidental loss incurred by applying any of the information offered.

Jaykay Wealth Advisors Inc. is a registered investment advisor and separate entity from LPL Financial.