Left: You may recognise MD Liz Beavis with dad Les, founder of FMB. Right: Liz Beavis
Our relationship with money is complex; we spend a great deal of time and effort trying to accumulate it. We worry we haven’t got enough, we worry about where to put it, we put a great deal of thought into nurturing it. We don’t like to shout about it, it’s all a bit vulgar to talk about it, we certainly don’t involve out children or parents in making decisions about it, after all, our next most complex relationship is with our family!
What’s it all about, what’s it all for? We want to be comfortable in retirement, we want to maintain our lifestyle…and we also want to make sure our families are okay. So wouldn’t it make sense to talk to them about it?
We believe that financial planning is a process which should involve family members, especially if you intend to pass on wealth to them. Your children may be at a stage where they haven’t got round to talking to anyone about their finances yet. It’s never too soon to involve them and get them started on the right path, especially if there is a likelihood they may inherit from you.
What about your parents, are you supporting them with advice? Perhaps taking on some of their financial concerns, making decisions for them? We have specialists that can advise on later life issues, such as Long Term Care planning.
Our financial planners often suggest that clients get their family involved. It comes naturally to business owners and farming families, but in reality we all need to consider how our financial planning impacts on our wider clan. From having protection in place to cover debts, to making sure we don’t leave behind any Inheritance Tax issues it makes sense to get some plans in place.
So, if your advisor mentions bringing the rest of the family in, they might be on to something!