Communication is at the heart of a successful wealth transfer between generations – so when is the right time to start?
It’s simple: the right time to start is when you feel comfortable. In our opinion, the earlier the better. Multi-generational family wealth transfer is about incremental learning and through that, incremental responsibility. Start the Conversation Early
This is not a one-and-done conversation; there is no silver bullet. It just doesn’t work that way with families. Starting early lays a great foundation for future success and there are tools at your disposal to help guide even the youngest generation of your family. It could as simple as starting them off with their first allowance or supporting the finding of a summer job.
These little acts may seem insignificant at the time, but they are the financial training wheels that will aid in imparting values around money. You will be able to take solace in knowing your efforts will springboard your loved ones to excel on their journeys once it is time to move on.