Conversations about money and wealth can be difficult, and parents are often unsure where to start. Family members may have widely different levels of financial understanding, parents may feel uncomfortable being transparent about their wealth, and children may simply avoid talking (and thinking) about wealth. What’s more, discussions can feel charged if young-adult children are relying on family financial support for elements of their lifestyle.
Matter’s Family Learning & Communication services help meet our client families where they are on their wealth journeys and help everyone in the family feel confident in the path ahead. We begin with facilitated discussions to help parents (often wealth creators) articulate their values and develop a shared vision and goals for their wealth. We then bring the children into the conversation and work together to hone a wealth purpose that engages and inspires everyone in the family, individually and collectively.
With that common purpose in mind—and a full assessment of their financial world—our team gets to work creating a Family Strategic Plan to help families move forward thoughtfully and intentionally.
These overarching plans often include elements such as:
- an investment plan for each family member and entity, with a particular focus on maximizing tax efficiency
- a cash flow plan that helps parents
- maintain their lifestyle in the present and throughout retirement
- discern how much they can afford to transfer to trusts for the children
- an estate plan, including a short- and long-term inheritance plan for members of the rising generation
- a plan for meaningful giving to causes they care about
During this time, Matter also works with family members to build financial acumen and communication skills, so they feel more informed around their wealth and can confidently talk about it. In addition to facilitating family meetings, we meet with each member of the rising generation to talk about their individual goals, answer questions, and help them navigate weather opportunities and challenges.
Topics include:
- Understanding investment portfolios
- Strategies for spending and saving
- Navigating a first home purchase
- Reviewing a job offer or compensation package
- Creating or vetting a financial plan for a new business venture
Through their work with Matter, the rising generation begins to see and leverage family wealth as a tool to fuel their ambition and support their success. They gain confidence in the framework provided by their Family Strategic Plan and feel prepared to take on new responsibilities as stewards of their family’s legacy.