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The circle of trust

Should you talk to your family about wealth?

Engaging your family in your long-term wealth planning can strengthen bonds – or create divisions. Here, three experts explain how to approach this vital but challenging conversation.

When it comes to long-term wealth planning, it’s sometimes the case that the greater the gains, the more challenging it can be to engage family in a positive manner. Discussing the details of how you want to divide your estate and business interests can create divisions, especially among family members who think they have been treated unfairly. However, having open and frank discussions with descendants early can help to avoid catastrophic disputes down the line.

To ensure positive outcomes from conversations about wealth, it is important to be aware of the “dos” and “don’ts”. We asked experts to help provide a 360-degree view of engaging family in wealth planning and explain how to reap the benefits while avoiding the pitfalls.

  • Manfred Kets de Vries is a psychoanalyst, consultant and professor of leadership development and organisational change at Insead Business School. He has penned more than 30 books on leadership, family business and more
  • Anita Brightley-Hodges has spent more than 15 years advising family business owners through her consultancy, Family Business Place, which specialises in creating “the succession blueprint”
  • Eileen Vedel-Cuerva is a managing director at HSBC Global Private Banking, working with clients to create long-term wealth plans and ensure family business succession
How to strengthen bonds and avoid creating battlegrounds - Info graphic

How to get it right

How to get it wrong

Read more about passing on your business here, or get in touch.

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