Kid Connection

Lenox created the newly developed program with the aid of Joline Godfrey, the author of Raising Financially Fit Kids and the CEO of Independent Means, a financial education firm based in Santa Barbara, California. It offers a year-by-year lesson plan that outlines different events and discussions that parents should have with their children as they mature. In addition, with the program’s partnership with Independent Means, clients will receive newsletters and be invited to speaking engagements on relevant topics. “We talk about how to plan for their kids, about getting the right amount of money to the kids in the best way possible, when parents should start giving kids allowances, and what kids need to know about credit cards,” Henske adds.

The program begins with a “Money Constitution,” which gauges parents’ personal financial values. “We interview clients when they walk in the door, not just about money, but their relationships with their spouse and kids, and develop report cards where the parent rates their kids strengths and weaknesses, ” explains Henske. It then gives parents suggestions on how to address such money issues as allowances, philanthropic giving, savings, and responsible use of cell phones and credit cards. The Lenox Money-Smart Kids Program continues through the first years of college and even includes a subscription to The Wall Street Journal Classroom Edition for high school students. The service is offered to all of the firm’s fee-based clients.