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Wealth Management Is a Family Affair

Why it makes sense to get everyone involved in your financial plans

Wealth management is rarely about just one person – when you stop to consider the future of the people who mean so much to you, you quickly see how their financial priorities can overlap with your own. Here are just a few of the conversations you can have with members of your family to ensure you're all on the same page.

The prospect of sharing personal financial details or future plans with your children can be a tough hurdle for parents to get over. But sharing with your kids doesn't necessarily mean sharing all your financial details. Here are some of the benefits to giving them a sense of where you stand.

IT'S A WAY TO MAKE SURE EVERYONE KNOWS WHAT IS EXPECTED OF THEM According to a 2016 Fidelity study, 72% of all parents expect one of their children to take care of them when the time comes – but 40% of the children didn't realize this was expected of them.

IT'S A WAY TO MAKE SURE EVERYONE KNOWS WHO IS ADVISING THE PARENTS ON THEIR FINANCES Opening the door to these topics presents a chance for the kids to ask questions like, "Where do you keep your will?" and "Who do you rely on for financial advice?"

IT'S A WAY TO MAKE SURE EVERYONE'S VOICE HEARD Maybe it's important for one child to inherit the lake house, while another wants nothing to do with it. Just knowing they were involved in the decision-making process can make the children more accepting of the results.

Even without going into details, there's a lot to be gained from sharing your financial perspectives with your kids – and from listening to what they say in return. Read on for additional financial topics you can explore with your family.


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