February 21, 2019 | Article

For some families, the process of estate planning and starting the conversation to create a multi-generational wealth plan can be difficult. This could be for a number of reasons, such as the unpleasant feeling of thinking about parents passing, or the anxiety of kids fighting over the estate. Regardless of what the hesitance may stem from, it’s important to have a plan in place. With that being said, here are a few tips to help smoothly start the conversation.

Tip #1: Have a facilitator
Having a facilitator that is not part of the immediate family – such as the family’s financial advisor, like yourself – can help the conversation remain objective. The facilitator can also work with each family member one-on-one to help identify questions or objectives they may have to facilitate the meeting and conversations. The focus of the discussion should be helping family members get their questions answered, all while helping parents feel at peace with the legacy they leave behind.

Tip #2: Create an agenda and keep notes
Creating an agenda will help keep the conversation on track. If there are specific items that need to be addressed and discussed, those are the ones that should be noted on the agenda. Additionally, note-taking will help family members go back and create a written financial and estate plan that results from the family meeting. These meetings may be overwhelming, so it’ll be good to have notes to reference.

Tip #3: Establish a communication plan
If there are any action items that come of the meeting, it will be important to setup a plan for how to communicate and when the facilitator should contact the family members to follow up. It’ll help planning stay on track. Additionally, the facilitator can reach out to recap the meeting to see if each member of the family was able to accomplish what they set out to do.

Tip #4: Recap the meeting and assign action items as needed
Setting time aside before ending the meeting to recap what was discussed and to assign action items as needed will be helpful in summarizing and keeping what was talked about front-of-mind. It’ll help all family members to remain on the same page and conclude a productive meeting.

How will you leverage these tips to help your clients start the conversation with their family and host a successful family meeting?

RoboWholesaler is a technology that was created to help financial advisors looking for ways to save time and enhance their productivity. With their time spent more efficiently, they’re able to focus on developing the interpersonal component of their client relationships and grow their businesses. The RoboWholesaler app is now available for free in the App Store and Google Play. It offers you a fast, easy way to review fund performance rankings, and get up-to-date fund fact sheets for top-performing funds and at-a-glance summaries of key fund information.


I verify that I am a registered Financial Advisor serving clients, not an individual investor and have read and agree to the Terms of Use and Privacy Policy.