7 Talking Points for Talking About Family Wealth – Without Talking About Money

Co-author: Jeffrey P. Deiss, CFP®, AEP®, Senior Wealth Advisor

In the latest episode of Live Plan Invest, we explore a topic that is often as challenging as it is crucial—talking about family wealth. But what if you could discuss wealth without actually talking about money? In this episode, advisor David Fuchs, CFP™ and Jeff Deiss, CFP™, Director of Wealth Planning sit down with Jeff Savlov, founder of Blum & Savlov, to unpack how families can have meaningful conversations about wealth that go beyond dollars and cents.

To help facilitate these conversations, we’ve outlined seven key strategies that focus on values, legacy, and open dialogue, ensuring that your family’s wealth discussions are both meaningful and stress-free.

1. Start with Values, Not Numbers
One of the most effective ways to ease into conversations about wealth is by focusing on family values. Ask questions like, “What does wealth mean to us as a family?” or “How do we want our wealth to impact future generations?” These questions shift the focus away from the potentially divisive topic of money and towards shared principles and aspirations.

2. Emphasize the Legacy, Not the Inheritance
Legacy planning is about more than just the transfer of assets; it’s about ensuring that your family’s values, traditions, and stories are preserved and passed down. Discussing the legacy you wish to leave behind can be a powerful way to engage family members in a conversation that is less about the money itself and more about what that wealth represents.

3. Focus on Education and Stewardship
Educating younger generations about financial responsibility and stewardship without overwhelming them with details about the family’s financial situation is another effective strategy. This can involve discussions about the importance of charitable giving, responsible spending, and the role of wealth in achieving personal and family goals. The goal is to cultivate a sense of responsibility and stewardship in managing the family’s wealth.

4. Engage a Third-Party Facilitator
Sometimes, an external perspective can be incredibly valuable in facilitating these discussions. Engaging a trusted advisor or family wealth consultant can help guide the conversation, ensuring that it remains productive and focused on the broader picture. As Jeff Savlov, an expert in family business dynamics, notes, “A third-party facilitator can provide a neutral ground, helping families navigate these complex discussions with greater ease.”

5. Encourage Open Dialogue
Creating an environment where all family members feel comfortable sharing their thoughts and concerns is essential. Encourage open dialogue by ensuring that every voice is heard and respected. This approach not only fosters a stronger sense of unity but also helps to identify potential areas of conflict before they escalate.

6. Incorporate Regular Family Meetings
Establishing regular family meetings dedicated to discussing wealth and legacy can help normalize these conversations. These meetings don’t have to focus solely on finances; they can also be an opportunity to discuss family achievements, future goals, and any other topics that contribute to the family’s overall well-being.

7. Utilize Available Resources
There are numerous resources available to help guide these conversations. For those interested in delving deeper into this topic, we recommend listening to the podcast featuring Jeff Savlov, where he shares more insights on managing family wealth dynamics. [Listen to Podcast Here]

Conclusion
Talking about family wealth without directly addressing the money can lead to more meaningful and productive conversations. By focusing on values, legacy, and education, you can engage your family in discussions that strengthen relationships and ensure that your wealth is managed in a way that aligns with your family’s principles. At ACM Wealth, we’re here to support you in these conversations, offering guidance and expertise to help you navigate the complexities of family wealth with confidence and clarity. Visit our website at www.acmwealth.com or give us a call for any further assistance at 201-447-3400.

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