Exploring the need for family meetings: Key questions to consider

Exploring the need for family meetings: Key questions to consider

If you are asking yourself, would we benefit from family meetings and would like to determine if they are suitable for your situation, here are a few questions to think about that can help you assess their relevance:

  1. Multiple Generations: Are there multiple generations within your family, such as grandparents, parents, and children? Intergenerational family meetings typically bring together members from different generations to discuss and plan matters related to family wealth.
  2. Wealth Management: Does your family possess substantial assets or wealth that requires management and planning? Family meetings are particularly beneficial when there are significant financial resources involved that need careful stewardship.
  3. Legacy Planning: Are you interested in establishing a framework for managing family wealth across generations? These meetings focus on long-term legacy planning, ensuring the sustainability and continuity of wealth through the development of shared values, goals, and strategies.
  4. Family Harmony: Do you value maintaining family harmony and open communication regarding financial matters? Family meetings provide an opportunity to foster healthy communication, resolve conflicts, and build consensus among family members.
  5. Education and Mentoring: Are you committed to educating younger family members about financial literacy and responsible wealth management?  Are you interested in providing guidance to the next generation on how to successfully carry the torch from the previous generation? Family meetings often incorporate educational components to impart knowledge, skills, and values related to finance, philanthropy, and stewardship.
  6. Governance and Succession: Do you aim to establish effective governance structures and succession plans for the management and transfer of family wealth? These meetings can facilitate discussions on family governance, decision-making processes, and the smooth transition of wealth from one generation to the next.
  7. Philanthropy and Social Impact: Are you interested in aligning your family’s wealth with philanthropic endeavors and making a positive social impact? Family meetings often address philanthropic goals, strategies, and the family’s collective contribution to society.
  8. Commitment and Participation: Are you and your family members willing to commit time, effort, and resources to engage in regular family meetings and the activities that arise from them? Active participation and ongoing commitment are crucial for successful family meetings.

While these questions can help you gauge the relevance of family meetings, it is essential to adapt them to your specific family dynamics and objectives.  If you find that the questions aligns with your family’s situation and goals, we encourage you to take action and explore the benefits of family meetings. Consider discussing the idea with your family members and initiating conversations about the potential value and purpose of these gatherings. You may also want to seek guidance from professionals, such as wealth advisors or family enterprise specialists, who can provide insights and assistance in structuring and facilitating these meetings. Remember, open communication, shared values, and long-term planning can contribute to the sustainable management of family wealth and the well-being of future generations.

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This material is for informational purposes only and is not intended to be an offer, recommendation or solicitation to purchase or sell any security or product or to employ a specific investment strategy. Due to various factors, including changing market conditions, aforementioned information may no longer be reflective of current position(s) and/or recommendation(s). Moreover, no client or prospective client should assume that any such discussion serves as the receipt of, or a substitute for, personalized advice from Company, or from any other investment professional. Investing involves risk, including the potential loss of money invested. Past performance does not guarantee future results. Asset allocation and diversification do not guarantee a profit or protect against loss. Company is neither an attorney nor an accountant, and no portion of the web site content should be interpreted as legal, accounting or tax advice. 


About the Author

Joe Palmieri, CFA® is the Family Office Services Managing Director, leading Waldron in providing services that traditionally fall out of the realm of planning and investments.

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