Financial Planners and advisers have a vital role to play in encouraging families to talk openly about money and future financial plans, according to a national advice firm.
Jim Reeve, interim managing partner at Continuum, spoke ahead of the Talk Money Week campaign which starts today and promotes conversations about money.
To mark the week, Mr Reeve said Planners and advisers should know the best moment to talk with clients about conversations with wider family. He added the forthcoming changes to the inheritance tax rules around unused pensions could be used to encourage such family conversations.
Mr Reeve said: “Leaving a legacy is about much more than transferring money and assets. It is also about helping children and grandchildren build confidence, understand the value of money and pursue their ambitions.”
He said Financial Planners and advisers are external to the client and their family, so they are able to advise as an informed and independent third party. They should alo also have an understanding of the client’s family relationships through their day-to-day role.
He said that helping clients talk to their family about money should be the start of standard estate planning. Mr Reeve said: “Many families do not have regular conversations around money, however, I believe that the benefits of having such conversations are of significant value.
“To discuss and agree how your wealth, large or small can be appropriately transferred through generations will create value and a deeper understanding of wealth, taxation and the importance of money.”