Family Continuity

Research shows that the biggest destroyer of family wealth is a breakdown in communication and trust within the family unit. Financial DNA has a network of experts and coaches (we call them Wealth Mentors) that can assist families in measuring the natural behavior of family members in order to address communication issues and build trust within families.

The Financial DNA Family Continuity Goals:

Understanding Differences:

Help family members understand each other’s different behavioral styles which drive their unique life and financial perspectives. We seek to build a higher level of understanding, acceptance, and respect of these differences so that everyone can be who they are and happily co-exist in the family unit by adapting how they communicate and behave.

Ultimately, we want everyone in the family unit to be able to sit down at dinner and give thanks to each other.

Recognizing the Impact of Wealth Transfer on Family Members:

Wealth transfer is not just about what the giver of wealth wants. It is understanding the impact of wealth transfer on the next generations and what it will do to their lives. To understand the impact you need to know who they are in terms of talents, motivations, financial personality, and capabilities.

Customizing Plans Which Balance Relationships and Results:

The Family Continuity Plan (estate and investment plans) must be customized to meet the human and financial needs of the family members. A balance between preserving family relationships, allowing family members to live independent lives, and being fiscally responsible must be achieved. If the plan does not fit who the family members are it will ultimately break down.

Alignment of the Advisory Team:

The advisory team is an influencer on the family decision-making. Therefore, having the advisors knowing how to communicate with each family member in order to build greater trust is critical. Also, the advisors need to know the impact of their biases on the solutions they offer the different family members

Common Family Issues That Get Managed in a Family Meeting:

  • Emotions

    Shame about wealth, fear of not being good enough, and different capabilities

  • Lack of Purpose

    Spoiled children without direction and family missing cohesive bond

  • Financial Mis-Alignment

    Wills, structures, and plans not aligned to different family members lives and needs & lack of communication between generations

Do you work with families that need to develop and continuity plan?

Financial advisors leverage the DNA Coach Network to work with experts to guide and coach families through sensitive subjects.

“80% of family continuity success comes from managing family member differences and the emotional aspects of decision-making”

-Hugh Massie, Founder of DNA Behavior

Wealth Mentors are Trained to Navigate Behavioral Differences:

Money is the elephant in the room.

Is the discussion of money taboo in your family?

What are the money memory stories in your family?

Who feels completely understood in their family unit by parents, siblings, spouse, and children?

Whose family has good communication?

Are there blockages to decision-making?

Financial DNA Comparison Report