Passing the torch of wealth through generations is critically important to affluent families. Family meetings, typically lead by wealth management firms offering family office services, create intentional time for families to reflect on their wealth and legacy. Family Meetings have many advantages but here are three key reasons they are important to generational wealth.
- Family Meetings create intentionality around money with your children. The family meeting can begin a process around handling wealth that can continue throughout the lives of your children and their children as well. Family Meetings provide children the opportunity to listen to the various aspects of philanthropy and about the organizations the family typically supports.
- Family Meetings give your children exposure to your financial, risk management, and legal team. Consistent exposure to the family’s wealth team helps them learn to understand the different roles that the financial advisor, attorney, CPA, banker, insurance specialist play and how the coordination of this team works on behalf of the family.
- Family meetings teach your children how to develop leadership skills. Through listening to the leaders in the family as well as the family advisors, children begin to learn to develop their own opinions and ways they can become good stewards of their wealth. These leadership skills will serve them well as they start their own families but also in their community as well.
Ask your financial advisor to host a family meeting for you as soon as possible.
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