• Michael Wellings

The Top 10 Best Practices for Sharing Your Financial Views with your Family




Below is a great article written by Mr. Steven B. Wittenberg, Director, Legacy Planning at SEI.


"We believe that families who talk openly together about their wealth and share in decision-making can improve their ability to pass along their financial knowledge and skills to their children. There’s a process to help this collaboration happen called family governance. This helpful process involves financial education, communication strategies and collaboration. In our opinion, family governance should be a core goal for all wealthy families.


Family governance can take a different form for different families—but we believe there are best practices you should consider to help execute it effectively.


1. Take part in a goal-setting exercise. We believe well-articulated intentions drive all aspects of financial and legacy plans and lead to the techniques you should use.


2. Start young/start early. Most experts believe children can begin receiving financial education as early as age 6.


3. Be proactive. Start the conversation.


4. Communicate personal values. Talk about what you want your wealth to do and what expectations you have for your children.


5. Use everyday, real-life moments to talk; this is often more effective than holding formal meetings.


6. Don’t just talk; listen. Wealth conversations are a two-way street. There’s a difference between a lecture and a dialogue, and it’s important to help your children feel comfortable asking questions.


7. Create a family mission and vision statement.


8. Create a mentorship team made up of both family members and third-party advisors outside the family.


9. Give children learning experiences. Similar to using everyday moments to foster communication, memorable experiences with a wealth lesson will be important.


10. Don’t shy away from financial education. Use various resources, such as books, hands-on activities and technology. Your family governance strategy is truly an investment in the next generation.

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