How can we ensure that our family's financial decisions are aligned with both our values and long-term goals, especially when there are differing opinions among family members?
Balancing differing opinions and aligning financial decisions with both your values and long-term goals can be a delicate process, but it’s entirely achievable with careful planning and open communication.
First, it’s important to ensure that everyone involved in the decision-making process has a clear understanding of the family's shared values and long-term objectives. This might include having discussions about what’s most important to each member—whether that’s security, legacy, or other priorities.
One effective strategy is to create a financial plan that reflects these values, and then work with your family to ensure everyone feels heard and understood. In some cases, it might help to designate a neutral third party, like a financial advisor, to facilitate these conversations and guide the family toward consensus.
Additionally, if there are differences in opinion about specific financial decisions—such as investments or inheritance—consider breaking them down into smaller, manageable discussions. Setting clear goals and defining roles within the family can also help ensure that everyone remains aligned and that there’s a structure in place for making future decisions collaboratively.
By New South Wales based Family Business Accredited Advisor
Renee Condylis
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