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P. 78
FINANCE
Bridging the
COMMUNICATION GAP
through Family Meetings
by Jill Ciccarelli Rapps, CFP®
Financial Advisor
L eaving a legacy is more expansive than just leaving your them the value of giving back, but they
money to your heirs; it also encompasses your intangible will experience what it is like to help
assets. Money can’t buy experience, wisdom, attitudes someone less fortunate than them, and
and work ethics, which may indeed be your greatest gifts,
that can be very powerful.
By hiring a third part facilitator to
but how do you preserve these values for generations to
guide the process, this can help your family
come? While money can be a tie that binds the family, in many
cases it creates stress and separation. A worldwide fact is that come together. The facilitator’s role is to
about 70 percent of carefully crafted and executed estate plans encourage open dialogue to help lead to
1
“fail” within two generations, including family harmony. So win-win solutions for the whole family.
what may be missing…communication? Your key financial advisor can work closely
Talking openly about money in our society has typically with the family to prepare them for the meeting to encourage
been taboo. Families are allowed to talk or act around it, like clarity and direction. The objective of the family meeting
buying a new car, new home or take a vacation, but rarely do concept is to provide a catalyst to increase success for your family
parents engage in discussing the value of money, and how it enterprise. Don’t let your values and your assets dwindle due to
impacts the family entity. Where do you want your family to the lack of prior planning or proper communication.
be in 50 years? What are your greatest hopes for your children/
grandchildren? What are your greatest concerns? How much
is enough? How much is too much? How do we decide on Jill Ciccarelli Rapps
the best use of our wealth? How do we want to spend, save www.CASMoneyMatters.com
and share our money? What is your greatest gift you can share
with your family? I believe we all have special gifts and it is Jill Ciccarelli Rapps, is a certified financial planner and
our responsibility to share them, to pass on our wisdom and a trained life coach and is a Partner of Ciccarelli Advisory
experiences, so that the next generation can thrive even more Services Inc., a Family Focused Wealth Management Firm
than the generation before them. in Florida and New York.
In today’s fast paced and constantly evolving world,
it is difficult to overcome some of the hurdles of family Ciccarelli Advisory Services, Inc. is located at 9601
Tamiami Trail North, Naples, FL (239.262.6577)
communication. One of the biggest challenges is the
communication gap. You may ask your grandchild, “How was
school today?” a typical answer may be “Good,” and that is the 1 Source: Roy Williams and Vic Preisser, Philanthropy,
end of the conversation. My father is a genius when it comes Heirs & Values (Robert Reed Publishers, 2010)
to communicating to his grandchildren, he found a common
ground and that was through laughter. He has “Poppy jokes” Investment advisory services offered through Ciccarelli
that he tells, and the grandchildren compete to search for the Advisory Services, Inc., a registered investment adviser
best “Poppy jokes” to tell him. This opened the dialogue for independent of FSC Securities Corporation. Securities
more communication with the grandchildren. and additional investment advisory services offered through
So where do you start? Find something meaningful to your FSC Securities Corporation, member FINRA/SIPC and
family. As an example, if giving to charity is meaningful to a registered investment advisor. The views expressed in
you, consider starting a charitable family gift fund. Gather the this article may not reflect the views of FSC Securities
family including the little ones and get them involved. Let the Corporation. This information is not intended to be a
grandchildren know they have a certain amount of money to substitute for specific individualized tax, legal or investment
give away and ask them to come back with some suggestions of planning advice.
a charity that may need their help. Not only are you teaching
78 Life in Naples | January 2015
Bridging the
COMMUNICATION GAP
through Family Meetings
by Jill Ciccarelli Rapps, CFP®
Financial Advisor
L eaving a legacy is more expansive than just leaving your them the value of giving back, but they
money to your heirs; it also encompasses your intangible will experience what it is like to help
assets. Money can’t buy experience, wisdom, attitudes someone less fortunate than them, and
and work ethics, which may indeed be your greatest gifts,
that can be very powerful.
By hiring a third part facilitator to
but how do you preserve these values for generations to
guide the process, this can help your family
come? While money can be a tie that binds the family, in many
cases it creates stress and separation. A worldwide fact is that come together. The facilitator’s role is to
about 70 percent of carefully crafted and executed estate plans encourage open dialogue to help lead to
1
“fail” within two generations, including family harmony. So win-win solutions for the whole family.
what may be missing…communication? Your key financial advisor can work closely
Talking openly about money in our society has typically with the family to prepare them for the meeting to encourage
been taboo. Families are allowed to talk or act around it, like clarity and direction. The objective of the family meeting
buying a new car, new home or take a vacation, but rarely do concept is to provide a catalyst to increase success for your family
parents engage in discussing the value of money, and how it enterprise. Don’t let your values and your assets dwindle due to
impacts the family entity. Where do you want your family to the lack of prior planning or proper communication.
be in 50 years? What are your greatest hopes for your children/
grandchildren? What are your greatest concerns? How much
is enough? How much is too much? How do we decide on Jill Ciccarelli Rapps
the best use of our wealth? How do we want to spend, save www.CASMoneyMatters.com
and share our money? What is your greatest gift you can share
with your family? I believe we all have special gifts and it is Jill Ciccarelli Rapps, is a certified financial planner and
our responsibility to share them, to pass on our wisdom and a trained life coach and is a Partner of Ciccarelli Advisory
experiences, so that the next generation can thrive even more Services Inc., a Family Focused Wealth Management Firm
than the generation before them. in Florida and New York.
In today’s fast paced and constantly evolving world,
it is difficult to overcome some of the hurdles of family Ciccarelli Advisory Services, Inc. is located at 9601
Tamiami Trail North, Naples, FL (239.262.6577)
communication. One of the biggest challenges is the
communication gap. You may ask your grandchild, “How was
school today?” a typical answer may be “Good,” and that is the 1 Source: Roy Williams and Vic Preisser, Philanthropy,
end of the conversation. My father is a genius when it comes Heirs & Values (Robert Reed Publishers, 2010)
to communicating to his grandchildren, he found a common
ground and that was through laughter. He has “Poppy jokes” Investment advisory services offered through Ciccarelli
that he tells, and the grandchildren compete to search for the Advisory Services, Inc., a registered investment adviser
best “Poppy jokes” to tell him. This opened the dialogue for independent of FSC Securities Corporation. Securities
more communication with the grandchildren. and additional investment advisory services offered through
So where do you start? Find something meaningful to your FSC Securities Corporation, member FINRA/SIPC and
family. As an example, if giving to charity is meaningful to a registered investment advisor. The views expressed in
you, consider starting a charitable family gift fund. Gather the this article may not reflect the views of FSC Securities
family including the little ones and get them involved. Let the Corporation. This information is not intended to be a
grandchildren know they have a certain amount of money to substitute for specific individualized tax, legal or investment
give away and ask them to come back with some suggestions of planning advice.
a charity that may need their help. Not only are you teaching
78 Life in Naples | January 2015
