Talking Volatility: Magnitude vs. Percentage
Unfortunately, as human beings, we are prone to behavioral tendencies and mental shortcuts that do not always work in our favor.
Whether it is gathering for an annual reunion, recounting an anecdote about a quirky uncle, or simply being there for one another during difficult times, family traditions are the comfort food that nourishes our lives. Keeping with that sentiment, we would like to invite you to begin a NEW and important family tradition: Family Wealth Planning Conversations
At their best, family wealth planning conversations engage every family member, with each of you contributing your talents and interests to achieving your collective and personal lifetime goals.
As we work with families, one individual often emerges as the spokesperson or steward for the group, which is fine if the role is based on a mutual and deliberately planned arrangement. If it is instead based on unspoken assumptions or force of habit, your family wealth planning may benefit from a fresh conversation. Family finances tend to run best when the entire family plays a role in them.
Even if your family is in full agreement on who is best suited to champion its interests, there are always many “what ifs” in life. Are others in your family adequately prepared to assume the stewardship role when and if it is required of them? Might they have unexpressed questions or concerns that are best addressed well before that day may arrive? Carving out time to hold candid conversations is where this all begins.
As you begin your family wealth planning conversations, we encourage you to explore key considerations such as:
Here at Shore Point Advisors, we can help you navigate each of these elements. Our goal is to help you discover insights that could strengthen the financial conversations you have amongst your family.
Regardless of who may be “in charge” of your family wealth, all of you are equally dependent on the outcome of the efforts. Enabling a forum for everyone’s voice to be heard is another way to help you achieve your greatest life goals and keep your family’s wealth fresh and meaningful over time.
This post was written and first distributed by The Writing Company.
DISCLAIMERS
This material is intended for general public use. By providing this material, we are not undertaking to provide investment advice for any specific individual or situation, or to otherwise act in a fiduciary capacity. Please contact one of our financial professionals for guidance and information specific to your individual situation. This is not an offer to buy or sell a security.
Shore Point Advisors is an investment adviser located in Brielle, New Jersey. Shore Point Advisors is registered with the Securities and Exchange Commission (SEC). Registration of an investment adviser does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the Commission. Shore Point Advisors only transacts business in states in which it is properly registered or is excluded or exempted from registration. Insurance products and services are offered through JCL Financial, LLC (“JCL”). Shore Point Advisors and JCL are affiliated entities.
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