The holiday season is often seen as a time for relaxation and family gatherings. However, it also presents an opportunity for families to discuss their financial interests, according to Angie O’Leary, head of Wealth Planning at RBC Wealth Management–U.S. O'Leary emphasizes the importance of having open conversations about shared assets and finances. "While these can be delicate discussion topics at times, certainly, the outcomes are generally positive," she says.
For families with members spread across different locations, holidays offer a chance to address financial matters that affect everyone's future. Avoiding such discussions can lead to confusion when adult children need to make financial decisions or manage their parents' finances. "It used to be considered taboo to discuss finances," O’Leary notes. "I think it’s a stigma that’s slow to change over the generations."
Family meetings provide an opportunity for everyone to understand financial issues better and reduce uncertainty regarding inheritance planning or managing a family business. Cyndy Ranzau, a wealth strategist with RBC Wealth Management–U.S., suggests preparing an agenda for these meetings to tackle complex topics efficiently. Topics may include general financial well-being, wills and trusts, and funding education for younger generations.
Ranzau highlights the benefits of knowledge sharing in family finance discussions: “The more knowledge that each person has, the better—and I think that’s particularly true when you’re talking about family finances.” She advises prioritizing topics like estate planning and discussing why trusts might be beneficial.
Procrastination on important topics such as life insurance and retirement planning can leave families vulnerable in unexpected situations like sudden deaths. O’Leary warns against delaying these discussions: “What if you don’t have a will or a trust and there is no insurance policy? Then it’s too late.”
Regular meetings can also serve as educational sessions for younger family members who may not fully understand fundamental financial concepts. Ranzau points out that many people overlook this aspect due to busy lives: “People don’t know what they don’t know.”
While organizing meetings might seem inconvenient, using holiday gatherings as an opportunity for financial discussions could prevent future tensions within families.
Neither RBC Wealth Management nor its affiliates provide legal or tax advice; all decisions should be made with independent advisors' consultation.
RBC Wealth Management operates under RBC Capital Markets LLC—a subsidiary of Royal Bank of Canada—and offers investment products subject to risks including potential loss of principal amount invested.