Let’s Have “The Talk”

28-04-2017

Most of us have had to endure the awkward experience of receiving “the talk” from our parents. It’s up to us to breach the next touchy subject: their finances.   For a lot of families, money is personal, so it can be hard to talk about. This is especially true if the subject has never been openly discussed. It’s important that you jump start the conversation in a way that makes everyone comfortable. Here are some ways you can open the discussion:   Blame the suits - A delicate way to start the conversation off is to mention that you’ve been working with a financial advisor to draw up a will or investments. You can tell your parents that the advisor wants to know how your plan will affect them.   Blame the news - Another tactic is to say that you’ve been reading a lot of articles about retirement concerns in the news and that has motivated you to begin formal planning. Ask if they can recommend a financial advisor or ask if they’d like to plan with you.   Don’t wait - The sooner you can have this conversation, the better. If you have siblings, try to loop them in, as well. They may know details about your parents’ finances that you weren’t aware of before. Offer to give them an update about the conversation afterwards. That way, your parents don’t feel bombarded by their kids to talk money. Having this conversation with your parents has a lot of advantages. You either gain peace of mind knowing that your parents have planned for their financial future and are content with their decisions, or you learn they are concerned about their plans and you can help them by referring a professional.