The Importance of Family Meetings

Posted by Anna Traugh on June 1, 2022

I remember being twelve years old and hearing the dreaded announcement that a family meeting had been scheduled for Sunday night. The topic usually had to do with scheduling, summer plans, or random house rules but it always felt like a chore. Now as an adult, I can see the importance of family meetings. They can be a great way to keep lines of communication open and ensure everyone is on the same page.

At Cornerstone, we believe it’s a great idea to include family in your financial planning when the time is right. The work done at family meetings can be invaluable to setting expectations and allowing family members to ask questions. Here are a few tips you may find helpful to consider:

• Holding structured family meetings at least once a year allows you to gradually communicate age-appropriate information to your children or cherished family members about your financial plan and wishes.
• Consider your rationale behind certain decisions. Often, sharing the “why” and reasoning behind a decision can provide comfort to family members.

• In general, try to encourage openness with questions that may arise.
• Determine how much information you personally want to share with family members and note some main discussion points. Your financial planner at Cornerstone would be happy to help prepare an agenda with you.

I was reminded recently that family meetings are not reserved for extended family members only. A long-term client shared that he and his wife conduct a monthly financial meeting to discuss various topics, review expenses, and align goals. Personally, I thought this was a great idea and will be implementing this concept in my household too!

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