Having family discussions about money has been stigmatized. Accordingto a survey by MFS Investment Management, almost 70% of financial advisorsstated that their clients do not include their adult aged children in financediscussions. Advisors are losing the opportunity to tell their clients to havediscussions with their family about family wealth issues. Only one third ofadvisors have had discussions with their clients about family wealthmanagement. The study indicated that 60% of investors claim their advisor hasnot discussed family wealth management. Moreover, a mere 14% of investors statethey are interested in advice about family wealth. William Finnegan, seniormanaging director of global retail marketing for MFS expresses the significanceof family wealth discussions, “Advisors willing to reach out to the adultchildren of their clients can play a key role in guiding multiple generationsof investors and protecting a family’s legacy of financial health.”
See, Family Wealth Conversations Are Not Happening Survey FInds, Financial Advisor, Jun. 5, 2013.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
