Embracing a family-centric approach to financial planning

As they seek to enhance their long-term growth, a growing number of advisors are adopting a family-centric approach to financial planning.

Three financial professionals recently shared some of the benefits of adopting such an approach and a few steps that advisors can take to ensure a successful transition.

The business case for a family approach

Roy Lederman, a six-year MDRT member and an exclusive financial specialist at Allstate Financial Services, said that a family-centric approach allows financial services professionals to become a trusted resource for multiple generations instead of serving just one client.

“Financial decisions rarely happen in a vacuum, and when families communicate about their goals together, they're often better prepared for major life events like retirement, college planning, or transferring wealth,” he said. “In my practice, I've found that involving adult children early in the conversation helps build confidence and trust long before they need financial guidance of their own.”

For Tim Clairmont, a 16-year MDRT member, wealth advisor and founder/CEO of Clear Financial Partners, loyalty, wallet share, connectedness, purpose, and meaning are all enhanced by focusing on serving clients’ families.

“Many of our clients care more about their family than they care about themselves,” he added. “When you care about their family, you are showing them that you care about them.”

Similar sentiments were echoed by Bobby J. Ning, a 19-year MDRT member and managing director and co-founder of the Financial Literacy Council. As he explained it, a family-centered approach shifts the advisor's role from managing wealth to helping families build lasting financial capability across generations.

“In our practice,” Ning said, “we've found that when parents, children and even grandparents are engaged in the planning process, conversations move beyond investment performance to family values, decision-making and preparing future stewards of wealth.

"For example, we regularly facilitate family meetings and age-appropriate financial education for children as young as eight, which strengthens trust, improves communication and naturally builds relationships with the next generation long before wealth transfers occur.”

Implementing this approach

So, how do the firms of these MDRT members implement a family-centered approach?

Clairmont said that on their dashboard, which is a four-page Excel document that they complete for each household, page four is largely dedicated to capturing the children, grandchildren, spouses of children, employment status of children, birthdates, and place of residence.

“Just completing this data collection often exposes new opportunities for planning and sometimes new clients,” he said. “It can also expose potential risks that could drastically affect our clients' financial plans. We also ask for detailed information about their parents. Serving the whole family begins with getting to know the whole family.”

Also, with minor children, Clairmont added, being aware of their education plans and funding is critical.

“I feel that many advisors discuss this, but they do so with varying degrees of depth,” he said. “Just don't skip it. Being aware and knowing their plan is a good minimum.”

Lederman makes it a point to encourage clients to include their children or other trusted family members in planning conversations whenever it makes sense. Rather than waiting until an estate needs to be settled or a financial emergency occurs, he looks for opportunities to educate the next generation on topics like budgeting, investing, insurance, and long-term planning.

“For example,” he pointed out, “I’ve met with Gen Z family members who initially came just to listen but later became clients because they appreciated having someone explain financial concepts in a relatable, pressure-free way.”

Tips for adopting a similar approach

Advisors who want to put families at the center of their planning can begin by gathering the data, Clairmont said.

“Get to know the other family members,” he said. “You'd be amazed at the opportunities that will become self-apparent.”

The conversation usually begins by understanding the family rather than immediately focusing on a particular product or issue, Clairmont said, and an easy place to start is with the client’s children. He might simply ask them: “Would you mind telling me about your children and their birthdays?”

Most clients are happy to share this information because they naturally enjoy talking about their children.

If they ask Clairmont why he wants to know, he explains it in this way: “The people you care about can become an important part of your financial plan. Sometimes support is planned, such as helping with education or buying a home. Other times, a child or grandchild may need unexpected financial help. I want to understand not only who is in your family, but also how you would feel about helping them if that situation arose.”

From there, Clairmont said, it's easy to pivot to the client’s parents. He asks about long-term care, estate planning and any expected financial support they might need.

In some families, Clairmont added, the client may eventually receive an inheritance. In others, financial responsibility may flow in the opposite direction. The firm records these details in its client dashboard, so that they remain part of the planning process rather than being discussed once and forgotten.

“But the most important thing is to learn what our clients value,” Clairmont pointed out. “Many of our clients care more deeply about their children, grandchildren, parents, and other family members than they do about themselves. If I don't understand and care about what my clients care about, it's difficult for me to guide them well. And no one cares what you know until they know that you care.”

Ning’s suggestion is to start by expanding the definition of the client from an individual to the family unit.

“Invite spouses, adult children, and, where appropriate, younger family members into planning meetings, and create educational experiences that are not product-driven but focused on financial literacy and decision-making,” he said. “Advisors who invest in helping families communicate and prepare the next generation often find they deepen client relationships, improve retention and create continuity that extends well beyond a single generation.”

Advisors can start by viewing every client relationship as an opportunity to serve the entire family over time instead of focusing only on the individual who is sitting across the table, Lederman said.

“Building trust with Gen Z takes consistency and authenticity, but advisors who invest in those relationships today are positioning themselves to serve families for decades to come," he said.

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