The mere thought of talking about money with family can be nerve-wracking. Parents in particular fear talking about money would cause their adult kids to become unmotivated, entitled, or it would change their relationship. But avoiding conversations about money poses a much greater risk.

Affluent parents may spend years earning and accumulating wealth yet little to no time preparing heirs to manage their inheritance. Consequently, a staggering 70% of wealthy families lose their wealth by the next generation, with 90% losing it the generation after that.¹ 

Fortunately, financial professionals can help alleviate this problem by helping parents transfer wisdom with wealth using the family money talks approach.

Instead of numbers, family money talks focus on what money means to each family member and what they hope to do with it. Topics can range from financial fundamentals to family members’ thoughts, feelings, and beliefs about money and its purpose in their life. The family money talks approach incorporates interactive exercises designed for engaging and informative conversations.

The great wealth transfer is underway. Helping families transfer wealth with the wisdom to manage it isn’t only an opportunity to support existing clients, but also to begin connecting with the next generation, who will eventually inherit the wealth.

Learn:

• What a family money talk is
• Three types of intelligence 
• How to help clients begin a family money talk

¹5 Huge Lies About Generational Wealth, finance.yahoo.com, 1/22