Family Governance

Family governance is a multi-generational family management technique to help ensure your family's values, traditions and wealth are passed down to future generations.  At Hertel & Konish Wealth Management Group of Wells Fargo Advisors, we leverage a structured process to help families establish and maintain a family governance plan.
 

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Family Meetings

 

Family meetings encourage dialogue and promote positive financial behaviors in all family members. We believe increased investment knowledge among family members promotes investment confidence and helps ensure a smooth transition of wealth according to your goals.

 

Family Mission Statement

 

This process is a combined, unified expression from all family members of what the family is all about—what it is you really want to be—and the principles you choose to govern your family life.

 

Family Philanthropic
Philosophy
Statement

 

The development of your family's philanthropic philosophy statement helps to unify and strengthen your family's charitable goals and objectives.

 

 

Financial Education At
Any Age

If you’re a parent embarking on the task of educating your children regarding money management, take a look in the mirror. For instance, if you budget effectively, pay down debt and donate to charity, your children will learn by example.

 

Preschool: "It's not too early to start"

At this stage, keep things simple. Take advantage of “teachable moments” that happen during the typical day, such as letting the child put coins into a parking meter or vending machine. Learn More. 
 

School Age: "But I'm just a kid"

The elementary school years are a good time to help children understand how far a dollar goes. At about age seven, children can probably handle a small allowance. But instead of giving your child his or her allowance to spend as he or she sees fit, introduce the concept of the three jars: one for money the child can spend, a second for money that goes into a savings account and a third for giving to a charity. Learn More
 

 

 

 

The Teenage Years: "Real World" Lessons

At this stage, you can begin to plan periodic family financial discussions. This doesn’t necessarily mean that your teenager needs to know your total income or the amount of your home mortgage. But you can certainly begin to familiarize your teenager with the family budget, financial challenges you may be facing, some of the family’s longer-term goals and priorities and perhaps how he or she can help you make progress towards these goals. Learn More.
 

 

 

 

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