It’s good to talk: facilitating communication within the family
Communication across stakeholder groups has always been crucial. However, as advisers deal with increasing wealth transfers across generations, conversations throughout families have become more pivotal than ever before.
In order to help create more open conversations, we have created a series of helpful one-page infographics. These are designed to help advisers explain estate planning solutions to their clients and better understand how they can bring up difficult conversations with whole families. They also aim to give a better understanding of the Inheritance Economy under which we currently operate.
Click the link below to find our more about the wealth cascade and the seven stages of estate planning:
Importance of consistent communication
There can sometimes be a real reluctance for families to discuss money and longer-term plans with each other. Older generations not want to discuss sensitive topics like The ‘M’ Word (aka: money) with their spouse or children.
Here, financial advisers will have a crucial role to play in removing this taboo. For instance, advisers are uniquely positioned to create communication channels and deal with sensitive issues at a delicate point in their clients’ lives.
We often meet advisers who say they get push back from clients on this subject. However, the subject itself may not be the issue; perhaps it is more to do with how it is discussed.
Building meaningful relationships with your clients and their family is one of the most effective method of preserving clients. During the inheritance economy, advisers can get to know whole families rather than their direct client. If the client has a spouse, arrange a meeting between the three of you in order to work through these details together. By ensuring communication is open and consistent throughout the estate planning process, advisers can build long lasting relationships with clients of all ages.
