Technology has given us greater control in many areas of our lives, from managing our health to planning vacations on the fly. Yet some industries, including that of financial services, have been slow to utilize digital tools or encourage their clients to do so. This has exacerbated the already significant challenges around estate planning, most notably the generation gap among older principals and their millennial and GenX heirs. The younger generations receive and process information differently; they also prefer to communicate in different ways. If you are still relying on reports from your financial advisor, know this: your children and grandchildren will one day be using such tools to manage your estate, especially if it saves them a phone call to said advisor. Meeting them where they stand now can help them avoid pitfalls, and possibly financial ruin, in…

Five Simple Tips to Teach Your Kids About Wealth History has shown us that wealth of any size can disappear, yet a surprising number of families, including those of ultra-high net worth, don’t engage in succession planning. There are various reasons for this, but the biggest obstacle is a lack of communication between principals and their heirs. Creating a stellar plan is only one part of the process – in order to successfully transfer wealth to your children you must first impart vital knowledge and tools about money. Here are some healthy lifestyle management habits that can help them build financial literacy and implement that plan when the time comes.     Examine your own relationship with money.  Whether you inherited your wealth or created it, before teaching your children healthy financial habits it’s important to understand your own beliefs…