Financial advice industry must give ‘soft skills’ the credit they deserve
November 14, 2017 by Kathleen Burns Kingsbury
Almost half of Americans say the most difficult topic to discuss with others is personal finance; they would rather discuss death, politics or religion. This social taboo against talking openly and honestly with loved ones contributes to 50% of first marriages ending in divorce, 70% of families failing to successfully pass down wealth to future generations and 69% of parents feeling more comfortable talking with their teens about sex than investing. While advisers are uniquely positioned to bust open this money-talk taboo with their clients, many in the industry believe discussing the emotional side of money is nice but not necessary. The result is an industry plagued with money silence and woefully unprepared to assist clients and their families with this type of dialogue.
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