A Family Financial Summit might be a new concept for many of you, so let’s start by defining it before delving into whether or not you need it. Essentially, it’s a family meeting that allows for the sharing of financial values and goals.
It can be helpful in aligning expectations about inheritance, responsibilities, and the legacy the family wishes to build. By discussing these topics in advance, families can ensure that everyone is informed, prepared, and in agreement with the strategies and plans in place.
Few families have these types of meetings, and if they do, the conversations can be complex and emotional. Why not involve your financial advisor? We can help make this a productive experience that benefits everyone involved. A little bit of structure and neutrality can go a long way.
In determining whether or not you need a Family Financial Summit, it might be helpful to consider the wide range of topics that could be addressed. The following list is likely too long for one meeting, but it should help in creating your own unique agenda:
Preparation is key to a successful discussion. This involves setting clear objectives to guide the conversation, choosing the right location, and drafting an agenda in collaboration with your financial advisor. This groundwork helps in creating an environment that’s suited for open and productive dialogue.
Is this concept for you? That’s for you to decide, but we’re happy to help. For many, the benefits are too great to be ignored. These conversations are an investment in your family's financial health and harmony, ensuring that wealth serves as a tool for unity rather than a source of division.
The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of the author and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. This information was developed by Oechsli, and independent third party, for financial advisor use. Raymond James is not affiliated with and does not endorse, authorize or sponsor Oechsli. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.