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Why You Should Introduce Your Adult Children to Your Financial Advisor


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Even though we have become more open about many subjects, the topic of money is one that many of us find difficult to discuss, even when our children have grown up. You should introduce your adult children to your financial advisor once you have established a good working relationship. It will benefit all of you.

Let’s say that you have covered all of your financial bases properly and you have made a will and you have a power of attorney in place. You know the details of your estate and your assets and where all of your accounts are held.

You have also thought about where you would like to live in retirement. Although you would like to continue to live in your own home as long as possible, you have some definite preferences about assisted living facilities which you have discussed with your financial advisor.

Introduce Your Adult Children to Your Financial Advisor: Start a Conversation

It’s time to have the financial talk with your children, especially if you have named one or more of them to act as attorneys for you if you should become incapacitated. In that situation, your family is going to need all the facts and support it can get. Your financial advisor is an important part of the equation. He or she has already established a relationship with you (which may have lasted for several years). If your children have met your financial advisor, contacting him or her for help during this stressful time is going to be much easier than if the child has to introduce him or herself first and then explain the reason for the call.

You may choose to share information about your estate and the contents of you will with your adult children as well. If your estate includes a bequest for a minor grandchild, the financial advisor can answer questions about how it would be handled until the child turns 19.

Teach Good Financial Habits from a Young Age

In the same way that parents teach their children that they should look after their health by getting regular checkups and consulting specialists as necessary, you should also be discussing the value of good financial health from a young age. Encourage your adult children to develop their own professional relationship with your advisor when they start earning money and accumulating assets.

It’s never too early for your children to start thinking about the kind of life they want to have. The difference between having a dream and a goal is that goals include plans. Make it easier to have the money talk by arranging a time when you, your advisor and your adult children can sit down together and get to know each other. As an experienced financial advisor, I can help start a conversation with your family members to help everyone feel more comfortable, no matter where they are in life. Contact me for a confidential consultation today.

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