Contributed by: Sandra Adams, CFP®
In the context of our financial planning work with clients, family meetings can be scheduled for many different reasons. These meetings are often scheduled because something has changed, and the family needs to discuss a family transition or crisis. However, family meetings, like most planning, are most effective when done proactively — before a stressful life transition or crisis.
What does a proactive family meeting look like?
When we talk to clients about scheduling a family meeting with their children, what is the purpose? What is on the agenda?
Purpose(s):
One of the purposes of the meeting is to ensure that our clients’ children get to know us. They are most often the future decision-makers for their parents if anything happens with their health or decision-making ability in the future (as future powers of attorney, trustees, etc.), and it is always nice if they have met us and are comfortable contacting us when that time comes. Another purpose for the meeting is to communicate to the children the parents’ long-term plans and wishes and (if the parents are comfortable) review their overall assets, estate plan, and how everything works and will work in the future when and if needed.
Agenda Items:
The agenda is something that can change based on the family and based on the parent’s needs and desires. Some clients are comfortable going over their complete plan with their families, covering everything we would cover in our full annual review. Others want to keep things much higher level and explain their long-term plan and wishes without discussing specific assets and amounts.
No family meeting will look the same, but most clients and children leave feeling that they are valuable and are helpful to everyone involved to help plan for the future.
So, when is the right time for a family meeting? When it is needed. That means when a family transition or a crisis is looming, that is the right time. If you are part of a family that would like to be proactive and communicate your plan to your family in advance of a transition or crisis, then scheduling a family meeting with your financial advisor early as part of your retirement planning or early longevity planning may be the best time. In any case, there is no wrong time unless you never do it.
If you or someone you know is interested in scheduling a family meeting and has questions about the process, please let us know. We are always happy to help. Reach out to me at Sandy.Adams@CenterFinPlan.com
Sandra Adams, CFP®, is a Partner and CERTIFIED FINANCIAL PLANNER™ professional at Center for Financial Planning, Inc.® and holds a CeFT™ designation. She specializes in Elder Care Financial Planning and serves as a trusted source for national publications, including The Wall Street Journal, Research Magazine, and Journal of Financial Planning.
The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Sandra D. Adams and not necessarily those of Raymond James.
Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment advisory services offered through Center for Financial Planning, Inc. Center for Financial Planning, Inc.® is not a registered broker/dealer and is independent of Raymond James Financial Services.