Behaviorally Smart Money

On this edition Hugh joins David to talk about the concept of Family Continuity as seen through the DNA Behavior framework…   Some highlights include:    1. What is Family Continuity?   Factoids driving Family Continuity or its failure: - 60% of transition failures caused by a communication breakdown - 25% failures in family wealth transfer caused by inadequately prepared heirs - Only 30% of family business survive to the 2nd generation - Only 4% to the 3rd generation…   WEALTHY PARENTS AND CHILDREN PLANNING - - What is the DISCONNECT? - 84% of wealthy parents believe their children would benefit from meetings with financial advisors - but 59% have never introduced their children to the advisors managing their assets  2. What issues get in the way of Family Continuity? - Discuss family member expectations & perceptions - (every person is different) - How will family members respond to the wealth transfer decisions being made? - How do we (FA’s) manage them? 3. Wealth Mentor vs. Family Consultant. - How ca