Working with a family wealth management advisor can provide you with a satisfying and productive experience. Your advisor can assist you with various financial planning issues, such as minimizing taxes, planning for an uncertain future, supporting loved ones and worthy causes, and transferring wealth to heirs.
As with other things in life, your satisfaction with the outcome may depend upon the effort you invest in it. For instance, you and your family will have a unique vision for the future that won’t precisely mirror the aspirations of others. Thus, the better you communicate your ideas, the more your advisor can do to develop a financial plan that reflects your intentions.
Suggestions to Make the Most of Family Wealth Management Planning
Wealth managers need to understand your preferences and needs before they can tailor their advice to your unique goals and values. Communicating with your family to document everybody’s needs and aspirations will ensure you can communicate well with your advisor.
Begin with these three priorities:
Priority 1: Define Your Family’s Future Goals
What do you hope to accomplish, and what financial concerns do you or other family members need to consider? For instance, you may wish to enjoy a retirement filled with hobbies and travel, establish a trust fund for a disabled family member, pass on a business, or ensure children and grandchildren can complete their educations.
Families with complex goals may feel overwhelmed by their choices or by how much money they should allocate to each of them. Your wealth management professionals can help you determine priorities and set reasonable expectations. They can also suggest the best tactics to turn your visions into reality and measure progress along the way.
Priority 2: Determine Your Shared Values
You should also incorporate your family’s values into your plans to ensure meaningful progress. For instance, many families with a high net worth consider contributing to worthy causes as important as caring for the family. They intend to give back to their communities and societies.
Family members should each contribute to this effort to come up with a list of shared values that you can, in turn, share with your wealth manager. You can tailor investments that align with your values and find ways to set money aside to benefit both yourself and your favorite causes.
Priority 3: Keep the Conversation Active
Your first planning meetings may occur decades before you expect some of your goals to materialize. For instance, you might plan for a retirement that’s still decades in the future. You may also include estate plans that won’t execute until you pass away.
Over time, your goals and family’s circumstances will undoubtedly evolve. The economic climate may also change. At the least:
- Keep track of your plan’s performance in light of your long-term goals.
- Schedule a family meeting (or at least an email exchange) every year or so for updates.
Take the Next Step Towards Better Wealth Management
Even though you should base your plans upon concrete goals, you don’t need to consider anything carved in stone. BestGen Wealth Management, LLC offers our clients customized family wealth management solutions. We also monitor progress and schedule periodic follow-up meetings to ensure investors and investments remain on track. Visit our office in Braintree, MA, call, or email us to start realizing your vision for the future.