Almost half of Americans say that the most difficult topic to discuss with others is personal finance, and that they would rather discuss death, politics, or religion. This societal money taboo is ruining marriages and families, bankrupting businesses, and making it almost impossible for the next generation to be healthy around money. Ironically, it is also hurting many of those in the financial services industry as they are not taught the skills to address the emotional side of money and are encouraged to solely focus on the technical aspects of planning. In this presentation, Kathleen Burns Kingsbury will highlight the cost of money silence to clients, advisors, and society, and offer practical strategies for breaking money silence with individuals, couples, and families as a way to fuel business growth. Learning Objectives: LO #1: Discuss the social taboo against talking about money and how this taboo provides a challenge for advisors when developing trust with clients, and creating and communication financial plans to them and their family members. LO #2: Learn strategies for teaching clients how to engage in productive and healthy conversations with their loved ones including partners, aging parents, children, siblings, and their advisors LO #3: Understand common roadblocks advisors face when engaging clients in intergenerational wealth conversations and related financial conversations and the tactics for overcoming them. Kathleen Burns Kingsbury served on the first CNBC Digital Financial Advisor Council, is a thought-leader columnist for Investment News and is frequently quoted in publications such as the Wall Street Journal and Reuters. She is a faculty member of the Certified Private Wealth Advisor program of IMCA and teaches the Psychology of Financial Planning course at the McCallum Graduate School of Business at Bentley University. She holds a Master’s Degree in Psychology and an Undergraduate Degree in Finance.
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