Parents should be having “the talk” with their kids. This discussion has nothing to do with the birds and the bees. Rather, it’s about dollars and sense – financial sense, that is. It’s part of my responsibility when meeting with a client – whether about the investment portfolio or a life insurance review – that we have this topic on the agenda too.
Long before any conversation with the family, as a whole, takes place, my clients and myself should be working on a comprehensive estate plan. Many parents in high-net worth families find it difficult to discuss their wealth with their children - particularly the amount of their wealth, their responsibilities for this wealth, and how it will be distributed once they pass on. Over the years, I have worked with children- the Next Gen- who have been well prepared, unprepared, and shocked. Some will seek counsel and some may think they can do it on their own. Many will change advisors because they have not built a relationship with the firm or the professionals involved. I can recommend tips to consider and talk over with your family. I can help, 509-435-0446