Financial advice: 3 Steps For Talking About Wealth With Your Children

🕐 8 min read

Sponsored Content by J.P. Morgan Private Bank

By David Nolet

Talking to your children about money and wealth can seem overwhelming with so much to cover, but it might be easier and more productive than you think

Generational wealth, an aspiration to have financial resources to pass on for the lasting benefit of your family, has become an increasingly familiar term in recent years. Those financial resources can be in many forms from cash to investments, a house or a small business, and can vary in amount based upon what is truly beneficial for an individual family. Through engaging with your family you can identify what they want for themselves, each other and the world at large. You can begin to formulate an action plan to achieve those results. All of this cannot be accomplished in one conversation, but over the course of many discussions, you can trace the family’s roots, identify core values, and teach children to think carefully about the opportunities they enjoy now and those they will someday inherit. In the end, you’ll be able to see the unique narrative for how your family sees itself.

- Advertisement -

Here are three steps to uncover what’s important to your family, and how to set goals that can be collectively achieved.

Start by articulating your vision

Few people have a set of core principles already in mind. It takes time to craft them and for partners and families to align on those principles. Ask questions such as: What do you value most in life? How do you want your wealth to shape the lives of your child/children? What priorities do you want to fund? (Education? Family travel? Community service?) What pitfalls do you most want to avoid? (Entitled children? Meaningless spending?)

Use this time to be aspirational and focus on things beyond money including family unity, community engagement and personal development. Don’t try to assign dollar amounts or create a framework for the future at this stage as that will deter the process of crystalizing your vision.

By listening to others and responding thoughtfully your family will have more productive conversations allowing everyone to be seen and heard. It’s important to keep in mind that answers may not come quickly, or stay the same; however, over time, foundational principles will emerge from ongoing conversations.

Bringing your vision to life

- Advertisement -

Once your family is aligned on a vision and your core principles, the next step is for you and your partner to create and update wills, trusts, and other estate planning documents which bring them to life. This legal framework will guide how your heirs benefit from and steward the wealth you have created.

Equally important is to keep your beneficiaries updated on your plans as too often they don’t learn inheritance details or gain insights into family wealth until it’s too late. With more advance knowledge, they can make better decisions to fulfill your wishes.

Be sure the language in your estate planning documents is clear in directing how to use the funds as well as being fair to individual family members. For example, the education of future generations is a priority for many families. One idea to ensure this is thoroughly accounted for is to draft an education spending policy. Identify how far beyond high school you want to underwrite a child’s education and what that will include such as tuition, room and board, course fees, entertainment, cellphones and overseas study. Also keep in mind if you will fund comparable expenses for a child/grandchild who chooses not to go to college and under what circumstances.

Encourage family engagement

Children gain a great deal from understanding how the family manages its resources, as well as the roles and responsibilities they may be asked to one day assume. Children must learn to speak knowledgeably with investment advisors and estate administrators so they can effectively continue to manage the family’s finances and continue the vision you put in place.

- Advertisement -

These skills aren’t learned overnight and as such can be developed over the years. Actively including your children in important financial decisions dependent upon their age, ability and interest can help facilitate their skills. They can also learn through ongoing family discussions, formal family meetings/retreats led by outside specialists, tapping the expertise of family advisors, online study or in-person courses.

And don’t overlook the importance of your leading by example. Helping your family live their values in an environment built on positive communication, behavior and lifestyle is central to their actively embracing the values you wish to instill.

Helping your children learn how to manage wealth is a lengthy and multifaceted process. The steps outlined in this piece can help you breakdown and start the process in a way that best suits your family. Remember, there is no better time than today to start sharing your values on wealth with your children.

David Nolet is a Managing Director and the Fort Worth, TX Market Manager at J.P. Morgan Private Bank. David oversees a team of bankers, investors, wealth strategists and financial specialists that deliver guidance across investing, philanthropy, family office management, credit, fiduciary services, advisory services and more. To learn more about David Nolet and the Private Bank in Texas, visit


This material is for informational purposes only, and may inform you of certain products and services offered by private banking businesses of JPMorgan Chase & Co. (“JPM”). Products and services described, as well as associated fees, charges and interest rates, are subject to change in accordance with the applicable account agreements and may differ among geographic locations. Not all products and services are offered at all locations. If you are a person with a disability and need additional support accessing this material, please contact your J.P. Morgan team or email us at for assistance. Please read all Important Information.


Any views, strategies or products discussed in this material may not be appropriate for all individuals and are subject to risks. Investors may get back less than they invested, and past performance is not a reliable indicator of future results. Asset allocation/diversification does not guarantee a profit or protect against loss. Nothing in this material should be relied upon in isolation for the purpose of making an investment decision.

You are urged to consider carefully whether the services, products, asset classes (e.g., equities, fixed income, alternative investments, commodities, etc.) or strategies discussed are suitable to your needs. You must also consider the objectives, risks, charges, and expenses associated with an investment service, product or strategy prior to making an investment decision. For this and more complete information, including discussion of your goals/situation, contact your J.P. Morgan team.


Certain information contained in this material is believed to be reliable; however, JPM does not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage (whether direct or indirect) arising out of the use of all or any part of this material.

No representation or warranty should be made with regard to any computations, graphs, tables, diagrams or commentary in this material, which are provided for illustration/reference purposes only. The views, opinions, estimates and strategies expressed in this material constitute our judgment based on current market conditions and are subject to change without notice. JPM assumes no duty to update any information in this material in the event that such information changes. Views, opinions, estimates and strategies expressed herein may differ from those expressed by other areas of JPM, views expressed for other purposes or in other contexts, and this material should not be regarded as a research report. Any projected results and risks are based solely on hypothetical examples cited, and actual results and risks will vary depending on specific circumstances. Forward-looking statements should not be considered as guarantees or predictions of future events.

Nothing in this document shall be construed as giving rise to any duty of care owed to, or advisory relationship with, you or any third party. Nothing in this document shall be regarded as an offer, solicitation, recommendation or advice (whether financial, accounting, legal, tax or other) given by J.P. Morgan and/or its officers or employees, irrespective of whether or not such communication was given at your request.

J.P. Morgan and its affiliates and employees do not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transactions.


In the United States, bank deposit accounts and related services, such as checking, savings and bank lending, are offered by JPMorgan Chase Bank, N.A. Member FDIC. JPMorgan Chase Bank, N.A. and its affiliates (collectively “JPMCB”) offer investment products, which may include bank-managed investment accounts and custody, as part of its trust and fiduciary services. Other investment products and services, such as brokerage and advisory accounts, are offered through J.P. Morgan Securities LLC (“JPMS”), a member of FINRA and SIPC. Annuities are made available through Chase

Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. JPMCB, JPMS and CIA are affiliated companies under the common control of JPM. Products not available in all states.

References to “J.P. Morgan” are to JPM, its subsidiaries and affiliates worldwide. “J.P. Morgan Private Bank” is the brand name for the private banking business conducted by JPM. This material is intended for your personal use and should not be circulated to or used by any other person, or duplicated for non-personal use, without our permission. If you have any questions or no longer wish to receive these communications, please contact your J.P. Morgan team.

Related Articles

Our Digital Sponsors

Latest Articles