Why a Financial Plan Is a Must for Your Adult Children

By Adam G. Lefler


How old were you when you had your first financial plan? It’s safe to guess you probably started working with a financial advisor later in life. But what if you could help your children have a foundation in place sooner than you did?

Whether you’re a brand-new parent or an empty nester, you always want your kids to act as good stewards of their own wealth—and your wealth when they ultimately inherit it. That’s why it’s never too early—or too late—to help your adult children develop a financial plan. 

The Ability to Manage Their Own Wealth

One common struggle among parents is teaching their children good money habits. You spent decades using your skills to build your wealth, but your children may have come after the hard work was already put in and didn’t pick up on the example you set. 

Setting your kids up with a financial plan not only helps shine a light on their current habits, it can also help them develop their own goals, dreams, and values outside of the family’s wealth. Plus, studies show that if your kids put their financial goals in writing, they’ll be 42% more likely to achieve them.

It Helps to Secure Your Legacy

If you have a financial plan, there’s a good chance legacy planning is a part of it. You want your children to inherit your wealth when you’re gone, but you also don’t want them to squander it. This is another area where having their own financial plan can help. 

When a financial advisor works with the next generation of a successful family, it helps ensure the parent’s legacy seamlessly transitions to the children when they pass away. It also establishes an ongoing relationship between the advisors and your children, which opens the door for clearer communication and transparency down the road.

Creating multi-generational wealth isn’t easy. It involves more than just minimizing taxes and maximizing investments in the here and now. It’s about instilling the values and habits in your children that ensure they’re good stewards of wealth after you’re gone. That starts with a financial plan. 

The Best Gift for Your Children

Depending on the timing and circumstances, introducing your kids to financial planning can be a challenge (and maybe a little awkward), but now is the time. And no worries, you don’t have to do it alone—our team at Coign Capital Advisors is here to walk alongside you and your children on both of your financial journeys.

If you think your children could benefit from a financial plan, have them schedule a call with us. We’d be happy to conduct a review of their finances, analyze their current financial situation, help them establish goals, and create an investment plan that aligns with their risk tolerance, goals, and time horizon. We pride ourselves on empowering our clients to lead the lives they envision through insightful financial planning and wealth management. To get started, send us an email at info@coigncapital.com or call 801-676-4582.

About Coign Capital AdvisorsCoign Capital Advisors is a fee-based investment advisory firm based in Draper, Utah. Specializing in serving retirees, business owners, and entrepreneurs, the firm provides holistic wealth management that goes far beyond investment consulting and strives to attain suitable performance combined with solutions that make clients’ financial goals achievable. Led by J. Matthew Zundel, ChFC®, M. Brandon Riley, CFP®, Adam G. Lefler, Daniel R. Zundel and Courtland Adams clients receive a high level of service from a team with more than 90 years of combined experience. To learn more, visit www.coigncapital.com.
Coign Capital Advisors is a fee-based financial advisor & fiduciary. We provide financial planning & wealth management services in Utah, USA, investors, legacy, asset management, capital, markets, estate, retirement, finance

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