Sep 30, 2017
On this edition Hugh joins David to talk about the concept of Family Continuity as seen through the DNA Behavior framework…
Some highlights include:
1. What is Family Continuity?
Factoids driving Family Continuity or its failure:
- 60% of transition failures caused by a communication breakdown
- 25% failures in family wealth transfer caused by inadequately prepared heirs
- Only 30% of family business survive to the 2nd generation
- Only 4% to the 3rd generation…
WEALTHY PARENTS AND CHILDREN PLANNING - - What is the DISCONNECT?
- 84% of wealthy parents believe their children would benefit from meetings with financial advisors
- but 59% have never introduced their children to the advisors managing their assets
2. What issues get in the way of Family Continuity?
- Discuss family member expectations & perceptions - (every person is different)
- How will family members respond to the wealth transfer decisions being made?
- How do we (FA’s) manage them?
3. Wealth Mentor vs. Family Consultant.
- How can an independent Facilitator guide the family?
4. What is the Family Continuity Planning Process? Walk us through Financial DNA Group (Family) Reporting
5. What are best practice guidelines?