Financial harmony across generations starts with open, honest communication.
In this article, you’ll learn:
- Why initiating money conversations between parents and their adult children is essential
- How a family mission statement can guide financial and personal legacy planning
- Tips for structuring and leading productive family meetings
- The role of honesty, inclusion, and ongoing conversations in multigenerational planning
- How I can help facilitate these conversations and provide a neutral, professional space for dialogue
Families Are Financially Diverse—And That’s a Strength
Every family is made up of unique individuals with different values, experiences, and aspirations. This diversity can enrich your financial planning—if everyone is at the table and the conversation is intentional. Without thoughtful communication, misaligned expectations or unspoken concerns can derail even the most well-thought-out plans.
Whether you’re planning your estate, exploring charitable giving, or simply hoping to pass along your values alongside your assets, initiating open conversations between parents and adult children can help ensure the parents’ legacy lives on—not just in dollars, but in wisdom, philosophy, and purpose.
What Makes a Successful Family Financial Meeting?
Here are a few key elements to consider as you prepare for that first big conversation:
- Develop a Family Mission Statement
This is about more than money. It’s about what you want your family to stand for. A mission statement can express your values around giving, investing, education, entrepreneurship, or lifestyle. It sets the tone for your legacy and helps the next generation understand what matters most—beyond just the numbers. - Craft a Clear Agenda
A meeting without structure can quickly go off the rails. Start with topics such as legacy goals, estate planning basics, charitable intent, or financial education for younger generations. An advisor can work with you to build a custom agenda tailored to your family’s unique needs and dynamics. - Decide Who Should Attend (and When)
Not every meeting has to include everyone. Consider starting with a meeting between spouses or partners. From there, expand to include adult children, grandchildren, and trusted professionals such as your financial advisor, attorney or CPA. These meetings can be held virtually or in person, depending on what works best for your family. - Encourage Openness—But Respect Privacy
Family wealth often fades in three generations, largely due to a lack of preparation and communication. Honest dialogue about how the family’s wealth was built and the responsibility that comes with it is key. At the same time, we’ll ensure boundaries are respected, discussing which topics should remain private and which are essential to share. - Explore New Possibilities
Sometimes these conversations reveal opportunities you hadn’t previously considered. For example, you might learn that about the charitable goals of each generation you’d like to support through a donor-advised fund. These discoveries can lead to more meaningful, aligned planning for everyone involved. - Make It Ongoing
One meeting won’t be enough. Regularly scheduled family discussions—once a year, for example—can help keep everyone aligned as life circumstances evolve. Being proactive means you’re less likely to have to make major decisions during a crisis.
Let’s Do This Together
Navigating family dynamics and financial planning doesn’t have to be overwhelming. As an advisor, I’m here to guide the process, help you prepare, and even facilitate group meetings between family members—either virtually or in person.
Whether you’re thinking about having your first family financial meeting or looking to formalize a recurring process, I can help you:
- Develop a customized meeting agenda
- Lead or co-host your family meetings
- Provide education and clarity around key financial topics
- Help everyone feel heard, respected, and informed
Let’s start building the foundation for a legacy that lasts—together.
If you’re ready to start this conversation, or even just explore what it could look like for your family, don’t hesitate to reach out. I’d be honored to help you take the first step.