Bridging values across generations

As Baby Boomers prepare to transfer more than $70 trillion to their heirs over the next two decades, they’ve no doubt given great thought to how and whom they’ll pass their wealth. Yet, despite all their planning, many parents don’t share personal financial lessons and values with their children. As a result, their children may not understand how their values can guide financial decisions as adults.

Why it’s important to talk about family values

Family conversations about money, values, and philanthropy can benefit both parents and children.

These conversations give parents the opportunity to:

• Reinforce and uphold traditional family financial objectives
• Plant seeds for positive money mindsets in children
• Share ideals about wealth, community, and philanthropy

They provide children the opportunity to:

• Clarify their assumptions about their family’s values, wealth, and philanthropy
• Identify their own personal financial values and how they align with their families’ values
• Talk with their parents about the future impact they want to make in their lives and community 

Most importantly, these conversations can play a crucial role in helping children prepare for future financial success, giving them the confidence they need to align their financial decisions to their values.

How financial advisors can help

Financial advisors are in a unique position to support these family conversations. By leading discussions between generations, they can help clients share what their values are and how they express them through their financial decisions. And, they can help clients’ children think through their own values and vision for how they’d like to impact the world around them.