Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

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Monday, June 17, 2013

Are Family Wealth Management Discussions Being Labeled Taboo ?

TabooHaving family discussions about money has been stigmatized. According to a survey by MFS Investment Management, almost 70% of financial advisors stated that their clients do not include their adult aged children in finance discussions. Advisors are losing the opportunity to tell their clients to have discussions with their family about family wealth issues. Only one third of advisors have had discussions with their clients about family wealth management. The study indicated that 60% of investors claim their advisor has not discussed family wealth management. Moreover, a mere 14% of investors state they are interested in advice about family wealth. William Finnegan, senior managing director of global retail marketing for MFS expresses the significance of family wealth discussions, ÔÇťAdvisors willing to reach out to the adult children of their clients can play a key role in guiding multiple generations of investors and protecting a family's legacy of financial health."

See, Family Wealth Conversations Are Not Happening Survey FInds, Financial Advisor, Jun. 5, 2013.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.


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