Most advisers have been well-trained to do retirement planning, investment management and education funding. However, few have the skills to help their clients (or their parents) deal with all the issues of aging. Holding a family meeting can be one way to do that. A family meeting is an excellent way to get the family together to discuss important issues that need to be resolved
The meeting should include all of the adult children and both parents if possible. It is important to have a facilitator for the meeting that has no emotional attachment to any decisions which will be made. In many cases, this may be the financial adviser.
Mauterstock adds, “Financial Advisors who have been in business more than ten years may begin to experience the loss of valuable clients and their assets due to death. When those valuable clients pass away, their assets move to another advisor 94% of the time. To avoid the loss of these valuable assets, financial advisors should establish a plan to create a strong relationship with the children of their best clients. One of the best ways I’ve learned to accomplish this goal is to help your older clients hold family meetings to discuss the critical issue of aging with their adult children.”
Bob retired at the end of 2009. For the last ten years of his practice he was the CEO of KR Wealth Management in Farmington, Connecticut. Bob specialized in retirement income planning, long-term care planning and investment management.
As an eldercare expert, he now speaks to groups all over the country regarding the importance of creating a dialogue between seniors and their adult children about the critical issues related to aging. He has been interviewed on radio and TV stations as well as appearing in the press numerous times.