Often clients tell us, “I wish they had taught this in school.”
We wish that too because a financially educated and aware client is always best positioned for success. By that, we don’t mean someone trained as a financial analyst, but rather someone who is comfortable with the financial concepts, understands the importance of setting goals, knows the behaviors needed to work toward them.
Perhaps an analogy will help clarify. Years ago, a client said that while he trusted his physicians to do what was best for him during serious medical treatment, he still had to act as his own case manager. In other words, he needed to understand what was being recommended and to ask the right questions to ensure decisions were made truly right for him.
Financial advising is no different. We design individualized financial plans and roadmaps tailored to each client’s unique situation, but the client must be able to understand those plans and make informed decisions.
How Do We Build That Level of Readiness?
Unfortunately, most of us weren’t taught these concepts in school—not even in graduate school. That’s why, for over 50 years, we’ve worked hard to educate our clients, both individually and through group settings. And clients often tell us they appreciate having that frame of reference.
But what about your adult children? Are they ready to take possession of their inheritance? Or will they have to learn “on the job” potentially with costly mistakes along the way?
It’s Never Too Early to Start
Now is the time to begin preparing your beneficiaries. It’s never too early to get children, or even grandchildren, on the right educational track. Yes, like many young people, they may feel they already know enough, but we know from experience that this is rarely the case.
Talk with your financial advisor about creating a learning plan tailored to your family. Together, we can help ready the next generation for the stewardship of the wealth you’ve worked a lifetime to build.
