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

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

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

Why family money conversations matter more than you think

Talking about money with family members can feel awkward. But avoiding it could be costlier.

Wealth transfer isn’t limited to the ultra-rich. Millions of families own homes, savings and other assets that could be passed on to the next generation.

Research suggests that a lack of communication and inadequate preparation significantly undermines the effectiveness of these transfers and that within three generations this lack of effort will ensure much of that wealth is squandered (4). In fact, in the same blog post, Bouchey Financial Group says, “for any first-generation wealth individuals or couples, there is only a 10% chance that their grandchildren or beyond will share in any of that.”

That’s why experts view regular family meetings as a cornerstone of wealth planning. According to BlackRock, 89% of high-net-worth advisors cite family meetings as the top strategy for planning successful wealth transfers (5).

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

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.

Begin with casual discussions while you’re already together, sharing updates, reviewing goals and answering questions. Then, as comfort builds, those informal chats can evolve into more structured meetings.

Location isn’t necessarily a big factor. What’s most important is that everyone is present and fully tuned in. Sometimes this is achievable at home. Other times, it’s best done in a neutral setting without distractions (2).

Experts advise setting a recurring date, such as every quarter like the Ricci’s and circulating a short agenda in advance so there’s structure and everyone knows what to expect (6).

Topics to discuss might include:

• Investing basics and retirement strategy.
• 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 in The Wall Street Journal, recommends blending serious financial planning with personal connection. To have the maximum impact, he says there must also be emotional engagement, which is easier to achieve not only with funny stories but also by sharing family photos (2).

Specialized meeting formats like “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.