"Those who cannot remember the past are condemned to repeat it – George Santayana, Reason in Common Sense, The Life of Reason, Vol.1
Shirt sleeves to shirt sleeves in three generations – an American translation of a Lancashire proverb, “there’s nobbut three generations atween a clog and clog.”
Here are some statistics from the MFS Management Survey, April 2013:
– 60 percent of investors say their financial advisor has never discussed family wealth management with them and only 14 percent of all investors say they are interested in family wealth management discussions with an advisor. Yet, of the investors who have discussed family wealth planning with their advisor, 94 percent found the conversation to be at least somewhat helpful, while 65 percent found it very or extremely helpful. This suggests to me that "they don't know what they don't know".
– Nearly 70 percent of advisors say baby boomer clients don't include their adult children in family finance discussion yet 60 percent of parents feel they've done a good job educating their children about investing. They may have done a decent job of educating their children about investing but that doesn't mean that they've educated them about wealth and what it really means. Again, they don't know what they don't know.
The picture that's being painted here is that baby boomers have no frame of reference, no basis for understanding what family wealth really is or could be. As educators, coaches, advisors, our first task, then, is to create awareness and set the stage for some basic wealth education to take place.
Family Wealth Conversations Are Not Happening, Survey Finds
Many advisors are missing the chance to engage multiple generations when discussing family wealth issues, according to a survey released today by MFS Investment Management. Nearly 70 percent of advisors say baby boomer clients don’t include their adult children in family finance discussions. Furthermore, 60 percent of investors say their financial advisor has never discussed family wealth management with them, according to the survey. â��…
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