Some subjects are difficult to discuss, even with family members. Unfortunately, the more important the topic – like finances and investing – the tougher it can be to broach.
SEI's recent report on wealthy Americans, called "Talking About Money: Breaking the Taboo," found communication about investment strategy is often difficult in families.
A survey, querying 275 individuals with an average net worth of $18 million and an average annual income of $616,000, found the age and gender of respondents made a difference in attitudes toward involving family in making decisions. The average age of respondents was 51, and about a fifth were under 21. Men made up 58% of those surveyed.
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