Guess who's coming to dinner?

Many families find the needs and future plans of one generation do not match those of the other. The different generations have a lot that sets them apart, but if you take the time to understand the family story behind their money and how they think and feel, parent and child may find there are common ties and issues that you can help them bring together.

As adult children become more involved in their parents’ financial decisions, it is important to factor in that children are often less equipped to understand – let alone give sound support – to the decisions being made. In addition, there is often one child who the parents and other siblings turn to for these decisions, thereby creating several layers of pressure on him to make the right decision for mom, dad and the entire family.

It is with these particulars in mind that parents must consider the value a trusted financial advisor can have in these conversations to help the family bridge the generation gap and relieve the pressure in making informed and educated decisions.

Financial advisors must recognize not only the need, but also the opportunity in these situations. If you begin to work with your senior clients and their children now, you will start setting your place at the family table.

Building your place at the family table solidifies your relationship with the current family CEOs as well as the next generation of family leadership, all of whom will need the products and services you offer at some point in the near future.