Experience shows it’s not so easy for many senior clients to discuss the details of their will or how much they plan to leave behind with their children. These conversations are almost taboo in families today, resulting in improper financial planning and lack of information to provide children. As financial advisors, we must communicate to our senior clients the importance of open and honest dialogue with their adult children.
As stated in my latest column in Senior Market Advisor, financial advisors are often the ones who are left explaining the rationale behind our clients’ financial decisions to their families. Adult children may understand their parents’ intentions, however they may feel saddened since they cannot express their gratitude directly to the loved one. By communicating financial decisions, senior clients can eliminate any confusion or questions, giving their children the opportunity to express their joy and a sense of peace while they are living.
We should help our clients generate these conversations within their families while planning their vision for their financial legacy. Creating this dialogue will benefit your client and their family financially and emotionally.
I encourage you to share your ideas on how to promote open dialogue between senior clients and their children and read the online column for more information.
