Initiating the Money Conversation

I would like to share a newsletter I recently received from my colleague Kathleen Burns Kingsbury. Kathleen is an author, speaker, and Wealth Psychology Expert. She advises financial planners on best practices of working with their clients. In her article, she talks about how few of us want to deal with getting our affairs together, but she and her husband did take the steps to ‘get it done’.

I usually don’t like to ‘go there’ when a catastrophe happens and people are hurt or killed, be it a natural disaster, the result of gun violence, anger, or terrorism. I don’t want to give that any energy. But given what has happened recently in Paris, I feel that Kathleen has stated an honest truth. She has given me permission to share it on my blog.

 

Wealthy Insights Newsletter

Our Date Night With The Lawyer 

Last Wednesday night, my husband and I visited our estate attorney and updated our wills and related documents. It was not the most romantic way to spend a night out on the town so we made up for it on Saturday with dinner and a movie.

This is an important task that so many couples put off because it’s an uncomfortable money conversation. Approximately 55% of Americans don’t have a will or estate plan. Common excuses include not having enough time, not having the money to pay a lawyer, or my favorite, “I am not going to die.”

Given the recent terrorist attacks in Paris, this month seems like a perfect time to raise this money conversation with your clients. Our safety and our health is something many adults take for granted. However, bad stuff happens to good people and taking the time to draw up an estate plan is a gift to those you leave behind.

The funny thing is that conversations about illness and death can actually bring you closer. In preparation for our meeting, we had a great phone call with my niece to ask her if she would be one of the executors of our will. You could feel the pride she felt being asked, and we both felt immensely grateful when she said yes. What started as an uncomfortable discussion ended up being a nice moment for the three of us.

During this month of thanks, take some time to talk to your clients about their estate plans. Educate them about the risks of not having one, the need to update it from time to time, and how you as a trustworthy, caring advisor can help them with the process.

Together we can engage in more money conversations and make this a better place to live.

Take Care,

kbk

Kathleen Burns Kingsbury, Wealth Psychology Expert & Author
KBK Wealth Connection, PO Box 1006, Waitsfield, VT 05673

Email:  kbk@kbkwealthconnection.com
Phone: 617.803.6046