Sheridan Culhane (2-Minute Speakers' Bureau Clip)

Hi, my name is Sheridan Culhane and I'm a senior Business Development strategist with MFS. Family wealth transfers often fail. In fact, 70% of the time when the assets transfer to the adult children, not only are those assets gone within that generation, but this usually happens within just 10 years¹. So, despite all the time and effort that you and your clients have put into constructing their legacy plans, more often than not, these plans fail. Over the past two years, my team and I have worked closely with a select group of advisors to better understand the repeatable way that they tackle this issue and that's by hosting family meetings. They provide their top clients with a solution to the number one reason that these transfers fail, and that's lack of communication. We've interviewed over 60 advisors and teams that regularly host family meetings as part of their client service model to fully appreciate the ins and outs of it: what they look like, how they work, the benefits and the roadblocks.

We've learned strategies you can use with clients to encourage them to want to do a family meeting. The five most common problems that advisors run into when planning and hosting an event. And finally, all the tools and resources advisors need before, during, and after the meeting to make it meaningful and productive for everyone involved. Because this is a big opportunity, a $70 trillion one to be exact². That's the dollar amount that US households are expected to transfer to their kids and to charities over the next 20 years. So reach out to your MFS representative to learn how you, your clients and their kids can all end up on the winning side of this.

 

Sources:
¹Empower, "Generational wealth: What it is & how to build it," 2023.
¹Cerulli Edge, "U.S. Advisor Edition," 2021.

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