November 3, 2023 / Press
Robert Strauss Quoted in The Messenger on the Importance of Talking About Money with your Heirs
Robert Strauss was recently featured in an article for The Messenger entitled, “Even The Ultra-Rich Stink At Talking About Money With Their Heirs,” which examines if, and how, transparent discussions around financial legacy are taking place among wealthy families.
The article dives into a recent study conducted by Bank of America’s Merrill Center for Family Wealth that surveyed ultra-wealthy clients. According to this study, in the aftermath of the pandemic, there has been an increase in impromptu conversations around family finances among ultra-high-net-worth families. However, more than a quarter of these individuals regretted their discussions, especially when it came to disclosing information to their heirs, noting that the conversations had “fueled a lack of clarity among everyone about roles, responsibilities and decision-making.”
The article emphasizes that when such conversations are improperly held or avoided entirely, the consequences can be dire. “People are afraid of talking about money because they’re concerned if they disclose too much information, it will ruin a child and he’ll no longer have the ambition or desire to succeed,” Rob tells The Messenger. “But the child is already living in this environment and surrounded by this wealth.” He continues on to stress “There’s a responsibility with wealth.”
To read the full article, click here.