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Family Meetings: A Cornerstone to an Enduring Legacy

At Wells Fargo, we are frequently asked by client families about the purpose and design of family meetings. Many clients have heard about family meetings—meetings that go beyond regular, quarterly reviews of planning items or investment results—either from their advisors or from other families of wealth. Some experiences have been wonderful while others have been less successful. Although most clients have some idea as to what family meetings are about, those perceptions are often based on limited personal experience. So, at some point, most families ask: "Should we have a family meeting?”

This white paper provides a broad overview of family meetings, including some of the details, inside tips, and lessons our Family Wealth & Culture Services team through Wells Fargo Bank, N.A. has learned over the years. To organize the information, the “Why,” “What,” “Who,” “When,” “How,” and “Where” of family meetings will be reviewed.

Formats for Family Meetings

In-person family meetings—i.e. retreats, reunions, enterprise meetings—are optimal, however getting together in person may not always be possible. The larger a family gets, the more geographically dispersed it often becomes. As it does so, virtual meetings become more attractive and useful. Virtual meetings should not replace regular in-person family meetings, but a family executive board or council can use teleconferences to take care of business in the months between larger family meetings.

The key to making virtual meetings work is to apply the same rules that apply to the family’s full meetings. Virtual meetings may feel more informal. But if they deal with the same goals as a “regular” meeting—communication, education, and decision-making—it is helpful to follow the same guidelines as in-person meetings. Otherwise, virtual meetings may end up impeding rather than furthering the family’s shared work.

Details matter. Consider the place and time, include icebreakers and enough breaks in between working sessions as well as opportunities for physical activity or family entertainment. It can be good to include storytelling and personal updates as well as references to the family’s mission, vision, and values.

Families and Collaborative Learning

Family meetings are a great place to learn, whether the topic is investments, business, legal matters, or the family itself. Outside experts can be brought in to provide education on specialized topics from allowances, investments to wills and estate planning.

Meetings are also a great occasion for family members to teach one another. Designated members can attend seminars or read materials between meetings and then present to the collected group what they have learned, e.g. book clubs. Teaching is a great way to learn, and family members appreciate seeing one another shine in this way.

Regular family meetings are also a wonderful venue for topics that break down well into modules. Across several meetings, a family may cover a curriculum on parenting children amid affluence, for example, breaking down the topic by ages (children 5–12, teenagers, young adults). The family could even cycle regularly through these topics every four or five years. This way, different generations experience the material from different points of view and with different experiences to share.

It is important for families to revisit certain topics regularly as times and people in the family change. This can help new in-laws, for example, receive instruction about the family’s holdings and its governance. New parents may begin learning about financially fit parenting. Keeping up a cycle of education is a great tradition for a family, allowing some members to learn, some to teach, and others to relearn material in a new light.

Final Thoughts

The potential benefits of meeting regularly as a family are many. Families who invest and commit to regular meetings can help deepen their communication, trust, and connection over time.

A family meeting need not be huge, confusing, or scary. Rather, it is one way a family of wealth can express its love, character, and creativity. It is a practical means of helping to preserve the family assets and family values for generations to come.

As with any new endeavor, conducting successful family meetings does not fully happen in one event; it is a process. A family meeting can be awkward at first, susceptible to mistakes and probably missing a few steps. Family meetings require education, and family leaders can learn as much as they teach (see section on Families and Collaborative Learning). They require patience and care to adapt to changing circumstances. But with proper guidance and intention, family meetings can become a source of development for family members and can help nurture the family legacy. We hope you and your family find these recommendations helpful as you adapt them to your own style, tastes, and needs.

Wealth & Investment Management offers financial products and services through affiliates of Wells Fargo & Company. Bank products and services are available through Wells Fargo Bank, N.A. Investment products and services are offered through Wells Fargo Advisors, a trade name used by Wells Fargo Clearing Services, LLC, and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

Wells Fargo Bank, N.A. (“the Bank”) offers various banking, advisory, fiduciary and custody products and services, including discretionary portfolio management. Wells Fargo affiliates, including Financial Advisors of Wells Fargo Advisors, may be paid an ongoing or one-time referral fee in relation to clients referred to the Bank. In these instances, the Bank is responsible for the day-to-day management of any referred accounts.