Financial planning for families: 10 questions to protect your wealth - Business Insider

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A leading money manager explains how 70% of a family's wealth is burned by the 3rd generation — and shares the 10 questions you should ask yourself to avoid that fate

doesn't think it needs to be this way — and he should know. He's been advising clients for over 32 years, and has seen massive amounts of wealth disappear for reasons that could've been avoided if a solid plan was in place.The Meb Faber Show

Although indignation towards relatives might seem like a trivial reason for letting a family's wealth deteriorate, it highlights the need for an overarching financial plan and strategy. "People are people — and they are inconsistent," he said. "They have egos. They have different ideas and thoughts." In order to quash some of this uncertainty, Parise touts a method he refers to as "a discovery via questions." The goal is to discover where a family needs help, and the questions incorporate deep and meaningful notes that are designed to reveal your true financial preparedness.. They're designed to "help you discover the truth" and mitigate some of life's overarching uncertainties.2.

 

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