Today’s families struggle with the realization that today’s economic meltdown and uncertain future make it more important than ever for parents to prepare their children to make wise choices. Creating an estate by disciplined saving of hard-earned salaries and managing those assets wisely is no longer enough to guarantee financial freedom.
In fact, however much your clients’ portfolios have plummeted and however long the economy and financial markets may take to recover, it’s time to redefine financial freedom. How do you define financial freedom? How do your clients define it?
For many, that term had come to mean having enough money to do or buy pretty much everything they wanted. For others, it has meant feeling protected from the vagaries of economic swings. Do those descriptions still apply?
Our former concepts have allowed the media, friends, and our consumer-conscious society to lure many of us down a dangerous path of over-spending, under-saving, and unrealistic expectations. How will they fare amid a society and economy that can no longer deliver on those entitled expectations?
The Smart Financial ParentingTM workshops enable advisers to help clients explore how to redefine financial freedom in a manner that will help them survive in any economic environment. The program includes ways to do so by identifying and imparting financial values and financial skills to children or grandchildren. In the process, you will deepen your connection with clients and the next generation of potential new clients.