The Importance of Encouraging Your Clients to Have Family Meetings

Helping to engage your clients’ families just may be the key ingredient to successful multi-generational planning for your practice. Hosting family meetings has increasingly become a best practice for elite financial advisors.

If you haven’t embraced this best practice yet, encouraging your clients to have family meetings really is imperative. While it may seem like a lot of work and there might be some resistance among your clients themselves, successful wealth management, wealth transfer and estate planning truly requires strong familial communication.

Despite even the best of hopes and intentions, a transfer of assets between generations can wreak total havoc on families. Lack of trust and communication are important issues that can damage a successful family wealth transfer and, unfortunately, tear families apart. Matter of fact, research from the Williams Group indicates 60 percent of wealth transfer failures are rooted to lack of trust and communication.

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