This money practice has kept the richest families rich for generations – here’s how to take advantage and protect your wealth for years to come

Each quarter, private-jet mogul Ken Ricci meets with his adult children to specifically discuss investing, inheritance plans, personal financial goals, spending habits, and anything else on their mind related to money (1).

These gatherings aren’t just a Ricci family tradition. according to wall street journalWealthy families have been doing this for decades to preserve wealth and keep it consistent across generations (2).

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People are often eager to emulate the strategies of the rich. Yet when it comes to talking about money with family, many people would prefer to avoid the topic.

This could be a costly mistake. With an estimated $124 trillion in wealth projected to be transferred to younger generations by 2048, the need for intentional money conversations has arguably never been greater (3).

Why are family money conversations more important than you think?

Talking about money with family members can feel awkward. But avoiding this can be costly.

Wealth transfers are not limited to just the extremely rich. Millions of families have homes, savings and other assets that can passed on to the next generation.

Research shows that lack of communication and inadequate preparation substantially reduces the effectiveness of these transfers and that lack of effort within three generations will ensure that most of the money is wasted (4). In fact, in the same blog post, Bauchi Financial Group says, “For any first-generation wealthy individuals or couples, there is only a 10% chance that their grandchildren or beyond will share in any of them.”

That’s why experts see regular family meetings as a cornerstone of money planning. According to BlackRock, 89% high net worth Consultants point to family meetings as top strategy for successful planning transfer money (5).

These meetings do much more than transfer assets from one generation to the next. They provide clarity, align expectations and help unite families by building trust within them (6).

Read more: Non-Millionaires Can Now Invest in This $1B Private Real Estate Fund Starting at Just $10

Read more: Warren Buffett’s 8 simple and repeatable rules for getting rich (and staying rich) in America

How to Structure Family Money Meetings

Start simple. The goal isn’t to solve every financial question at once — it’s to make money conversations routine.

Start with informal discussions when you’re already together, sharing updates, reviewing goals, and answering questions. Then, as comfort increases, those informal conversations can evolve into more structured meetings.

Location is not necessarily a big factor. The most important thing is that everyone is present and fully prepared. Sometimes this can be achieved at home also. Other times, it is best to do it in a neutral setting without any distractions (2).

Experts recommend setting a recurring date, such as every quarter like Ricci, and circulating a brief agenda in advance so there is structure and everyone knows what to expect (6).

Topics of discussion may include:

• Investing Basics and Retirement Strategies.

• Conversations about legacy and family values.

• Estate planning matters such as wills, trusts and powers of attorney.

Family office advisor Josh Kanter, whose approach was highlighted wall street journalRecommends a mix of serious financial planning with personal relationships. He says that to have maximum impact there must also be an emotional connection, which is easy to achieve not only with funny stories but also by sharing family photos (2).

Specific meeting formats such as “death dinners”, where people come together over a meal to openly discuss dying and end-of-life planning, are another approach that some families have found effective.

Designed to normalize an uncomfortable topic in a comfortable, familiar setting, this technique may be worth addressing estate planning and other difficult decisions (7).

Instead of waiting for a crisis to force a conversation, families can proactively discuss:

• Who will manage the finances if health declines?

• Desire for long-term care.

• How Property And values ​​should be carried forward.

When handled early, these conversations can help preserve both the asset and the relationship.

practical tips

To turn a potentially stressful obligation into a productive tradition, it’s important to get the structure and tone right.

The following strategies may help:

• Share a clear agenda in advance. Preparation keeps meetings focused and prevents drift.

• Start with purpose, not just numbers. framing Property Engagement around shared goals increases and conflict decreases.

• Balance finances with family relationships. Don’t make the meeting all about money. Also discuss other things that will foster rapport and strengthen trust and otherwise try to make the event enjoyable.

• Make it age-appropriate and gradual. Present financial statements in stages so heirs are not overwhelmed.

• establish ground rules Like listening without interruption and respecting different viewpoints.

• Specify roles and document decisions. Designate a facilitator and note taker and involve everyone to promote participation (8).

• Make it recurring. Schedule the next meeting before ending the current meeting.

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We only rely on verified sources and reliable third-party reporting. For details, see our Editorial ethics and guidelines.

Wall Street Journal (1, 2); Cerulli (3); Bauchi Financial Group (4); BlackRock Advisory Center (5); Loyalty (6); Death Over Dinner (7); Merrill Center for Family Wealth (8)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.