How to Plan an Effective Family Meeting
Keeping financial legacies alive for future generations is top of mind for wealthy families. Research shows that—despite having strong wealth transfer plans—70% of a family’s wealth is depleted by the second generation and 90% by the third. The main reason? A breakdown in trust and communication. Strong, consistent communication is critical for preserving generational wealth. A family meeting is one of the most effective ways to facilitate communication and provide the tools individuals need to succeed as stewards of family wealth beyond their own generation. Too often, individuals don’t understand their relationship to their family’s wealth—how it was created, how it has been sustained, or what is expected of them to continue that legacy.
This gap in understanding usually stems from limited involvement in discussions about the family’s strategies and goals. It can also result from never reviewing or fully grasping the legal documents that outline roles, responsibilities, and benefits. As a result, it’s no surprise that many heirs are unprepared to manage inherited wealth.
No two family meetings are alike, and each should be tailored to the family’s unique goals and objectives. So, what does it take to plan an effective family meeting?
Set the Agenda
What are the goals and objectives of the meeting? What topics need to be discussed? While the range can be broad, working with a trusted advisor like Truepoint can help ensure a thoughtful and balanced agenda. Common topics often include:
- Financial education
- Review of estate plan, goals, and strategies
- Family values and perspectives on wealth, including philanthropy
- Plans for retirement years, including living arrangements and medical needs
- Succession planning for a family business
- Any other issue important to the family
Although the agenda is usually initiated by the person calling the meeting, it should be developed collaboratively, reflect topics of interest to all participants, remain concise, and avoid surprises.
Prepare and Hold the Family Meeting
Once the agenda is in place, it’s time to plan and host the meeting. Consider the following:
- Who should attend? Typically, the family meeting will involve you, your spouse or partner, and your children. In some cases, inviting extended family members or trusted advisors—such as attorneys and accountants—may be appropriate.
- Where should it be held? Choose a setting that is neutral, private, and comfortable, where participants feel at ease to speak openly.
- How will expectations be set? Share the agenda ahead of time, invite questions, and set clear ground rules. Decide in advance who will lead the meeting, how information will be presented, and how decisions will be made. Communicating these expectations ensures the meeting is fair, equitable, and productive.
Conduct the Meeting and Define Next Steps
Before concluding, establish a timeline for reviewing progress and following up. Some issues may require further research or reflection, so assign clear responsibilities, timelines, and outcomes. Empower family members by giving them specific tasks. While the meeting itself is important, the follow-through afterward will largely determine the family’s long-term success.
The idea of a family meeting can feel intimidating, overwhelming, or even unnecessary. Yet many families find it to be a transformative experience that builds clarity and fosters a shared sense of purpose. Some families benefit from a brief, informal sit-down, while others may need more time and structure. No matter your family’s circumstances, we are here to help you lay the foundation for lasting success and harmony for generations to come.
