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FEATURED ARTICLE
How to talk to children about wealth—and why you should
Bill McLean sees it all the time: the family that puts off having the “wealth talk” with children. Fearing the next generation will grow up spoiled and entitled, the family founders neglect to tell their children that they are affluent, fail to discuss future plans and do not assign roles to carry the business forward. Often, the next generation become adults without fully realizing their family’s wealth.
The reason this happens is simple, says McLean, partner and head of family business transition at Richter in Toronto. “The parents were largely raised in a world where people didn’t discuss this,” he says. “It’s quite obvious that the family has everything—vacations, homes, private school—but it’s the biggest secret in the world.”
Anna Sharratt consults the experts about how to have the "wealth chat" with kids—and why it’s never too late for families to start the conversation.
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