When passing on wealth to future generations and preserving family values, communication is key.
Many parents struggle to start conversations about wealth with their children. But when conversations are handled appropriately, families experience more successful wealth transitions.
Michael Farrell, Managing Director of SEI Private Wealth Management, says sharing what you hope to accomplish with your wealth can help your children understand the reasoning behind your financial plan. His article on Kiplinger’s Wealth Creation channel provides strategies to communicate your values to the next generation.
Michael suggests parents set the stage for their children’s future financial success early on in their lives. Creating a family mission and a vision statement can help mesh individual passions and values, while giving the family a unified goal to strive for.
Information provided by SEI Private Wealth Management, an umbrella name for various life and wealth advisory services offered through SEI Investments Management Corporation ("SIMC").
SIMC is a registered investment adviser and wholly owned subsidiary of SEI Investments Company.