Do You Need a Family Financial Summit?

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:  

  • Inheritance and Wealth Distribution: Delve into how assets will be distributed, including conditions or guiding philosophies behind these decisions, to manage expectations and ensure fairness.
  • Financial Responsibilities: Clearly outline what financial contributions or support are expected within the family, whether for elder care, education expenses, or funding business ventures, to foster a sense of shared responsibility.
  • Estate Planning Details: Discuss the essentials of wills, trusts, and the overall estate plan structure to make sure everyone understands their role and the procedural aspects, ensuring a smooth transition when the time comes.
  • Family Legacy and Philanthropy: Articulate the family’s vision for its legacy, including philanthropic pursuits or values to be upheld, to instill a sense of purpose and continuity.
  • Investment Strategies and Management: Explore the family’s approach to investments, including risk tolerance, asset allocation, and long-term goals, to align financial strategies with family objectives.
  • Education Funding Strategies: Address plans for funding education for younger family members, including savings plans like 529s, scholarships, and grants, to prioritize educational aspirations.
  • Budgeting and Living Within Means: Stress the importance of creating and adhering to a budget, highlighting how living within or below one’s means is crucial for long-term financial stability.
  • Insurance Planning: Review insurance needs, including life, health, and property insurance, to protect against potential financial losses and provide peace of mind.
  • Tax Planning and Efficiency: Explore strategies for minimizing tax liabilities through charitable giving, investment choices, and other tax-efficient planning techniques.
  • Succession Planning for Family Businesses: If applicable, discuss the future of any family-owned businesses, including leadership transitions and maintaining the business’s legacy.
  • Financial Education for Younger Generations: Emphasize the importance of financial literacy, discussing ways to educate younger family members about money management, investing, and saving.

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.

If you are approaching retirement, download our free retirement toolkit, which includes our retirement book and several useful guides that cover the most important financial considerations for retirement.

If you have questions about your retirement strategy, call us at 602.343.9301 or schedule a meeting with one of our advisors.

This content is provided for informational purposes only. It is not a guarantee of future success, is subject to change, and is not intended to serve as the basis for an individual’s financial decisions. Strategy Financial Group does not provide specific legal or tax advice. Please consult with a qualified professional for guidance on your individual situation. All investments are subject to risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Investment advice is offered through Strategy Financial Services, LLC, a registered investment adviser. Insurance products are offered through Strategy Financial Insurance, LLC, an affiliate of Strategy Financial Group, LLC.