As we close out the year and prepare for 2025, consider scheduling a family wealth meeting with your loved ones to discuss your financial goals, values, and expectations. While having these financial conversations with family members can feel somewhat awkward at the start, it's important that your loved ones are aware of your financial goals and the legacy you want to leave. Here are 5 ways that you begin the process of including your family in on your wealth management plan:
1. Start today.
Schedule time to meet with your family regarding your finances. It doesn't need to be an elaborate gathering, but rather invite everyone over for dinner with a focus on sharing your financial plan.
2. Find common goals and values.
Determine what your values and goals are when it comes to your finances. It's important to be on the same page about what matters most from the start.
3. Create a plan.
Sit down and establish a plan for the meeting. Start with creating an agenda; highlighting your goals and key values that are important to you regarding wealth.
4. Work as a team.
As a family, you can establish what next steps you want to take towards your wealth journey. Maybe you all decide on what charities you'd like to support, major life events coming up, or any transition planning that needs to be done (ie: wills, trusts, POAs, etc.).
5. Consult with your financial professional.
Keep your advisor or financial professional in the loop! It's important that your financial professional is aware of your plans to help keep you on track to meet your goals. If you do not currently work with an advisor, our team would be happy to have a discussion with you regarding your financial plan! Please contact us today to see if we would be a good fit to serve you.
Ultimately, it's always important to remember that family comes first. No matter what your financial situation is, it can be very beneficial for everyone to sit down and have a healthy conversation regarding your wealth strategy. My hope is that you can bypass the awkwardness of a family finance meeting and be better prepared to pass along your legacy to future generations.
Source: LPL Research
This material is for general information only and is not intended to provide specific advice or recommendations for any individual.
Securities and advisory services offered through LPL Financial, a registered investment advisor. LPL Financial Member FINRA/SIPC.