Taking an Active Role in Your Family’s Wealth Management Process: Four tangible steps to follow your family’s financial roadmap
Taking an Active Role in Your Family’s Wealth Management Process
Likely, your parents haven’t shared their financial goals, intentions and legacy wishes with you. A discussion of family financial values and wealth transfer plans is an inherently difficult, albeit necessary, conversation. While no one wants to have this conversation with their parents or loved ones, we think it’s a necessary step that can provide you with the roadmap you need to follow and thoughtfully execute your family’s financial plan.
A 2016 survey revealed that nearly half of wealthy baby boomers hadn’t discussed family financial values or wealth transfer plans with their adult children. While these conversations can be difficult, they are essential for understanding your parents’ financial goals and wishes for the future. At CTS Financial Group, we offer support to help you start this important dialogue.
To open communication, consider these four action steps:
- Schedule an annual family financial meeting to discuss goals, needs, and legacy plans, along with any significant changes in finances. These meetings should ideally be in person, though virtual options can work for distant families.
- Discuss with your parents their relationship with their financial advisor, who should have a deep understanding of your family’s needs. Automated advisors aren’t equipped for the complexity of wealthy families’ finances.
- Meet your parents’ advisor in person and consider connecting with a younger advisor if that suits your needs better.
- Keep an organized list of financial institutions, account details, and key documents like wills and insurance policies. Cloud storage services such as Dropbox or Google Drive can help manage and securely share these files.
Taking these steps will help ensure your family’s financial values and legacy are preserved for future generations.
We are excited to share with you our latest piece, Taking an Active Role in Your Family’s Wealth Management Process, which suggests four tangible steps for starting this process. Download a copy of this piece now.
