Why Now is the Time to Have a Family Money Talk

Eagle Wealth Management |

If you have adult children, or your parents are entering a new life phase, it may be time to start thinking about having “the talk”.   You know, the one about finances and the future.  While some families avoid these talks, recent studies show they’re now more important than ever.  According to the Department of Health and Human Services, more than half of Americans turning 65 today will develop a disability serious enough that they will need daily help with the basic activities of living (including handling money matters).1    The best time to have the conversation is now.    

At Eagle Wealth, we’re in the business of building financial confidence and planning for the unexpected.  That’s why we believe in transparency and having a team of people you trust.  But before you start assembling the rest of your team, it may be helpful to figure out “your why”.  Maybe you want to secure your financial future, get clear on everyone’s expectations, make sure that wishes are honored or just make plans for the future.

How to get started.  While talking about one’s future self may seem a bit ominous, remember there’s so much more to discuss than end-of-life wishes.  Keep in mind that families don’t have to share everything all at once or even discuss actual numbers.  Ease into it and remember the purpose is to get everyone on the same page. 

Still unsure where to begin?  Here are a few ways to get the ball rolling:
  • Share an interesting article (or even one of our newsletters). 
  • Tell a story about what you’ve learned about another family’s experience. 
  • Mention your review meetings with us.  Describe the planning topics we cover like income replacement, beneficiary designation, or funding long-term care plans.  
Take the lead.  Decide what you’re comfortable discussing and which topics are off-limits.  It’s also helpful to think about who to include in the conversation.  Consider if children’s spouses or a neutral third party (like your financial team) should have a seat at the table.

What to cover
  • Start off with the easy stuff like where important documents are stored or which types of assets, accounts, or insurance policies are held.  Save the bigger topics, such as the potential need for long-term care, for later. 
  • Review any estate planning documents together.  If there is a Power of Attorney or Advance Healthcare Directive, make sure to be clear about who has a responsibility.
  • How will bills be paid if an emergency were to arise?  Make sure to discuss who needs access to accounts to take over if needed. 
  • Talk about any long-term care planning that’s already been done or still needs to be completed.  (Remember you’re not solving all the problems during this conversation; you’re just talking).
Don’t make the family meeting a chore.  While conversations about money can be uncomfortable, they don’t have to be.  Consider pairing your family meeting with an uplifting activity like working on a jigsaw puzzle or cooking your favorite meal together.  And remember to keep it light.  Even though you’ll be discussing a heavy subject, it can be helpful to bring along your sense of humor. 

Being prepared is one of the greatest gifts parents can give their kids.  Unexpected circumstances can be stressful enough without the added worry of quickly locating documents.  If you’re not sure where to start, check out our Peace of Mind Checklist.  It can help organize important life documents and is a great tool to use during your family meeting.    

As always, we’re here to help.  Over the years, we’ve helped clients explain why certain retirement or estate decisions have been made. We know financial discussions can be challenging.  But with a little bit of planning (and a large amount of care), they can make all the difference.  If we can help facilitate those delicate conversations or even act as a sounding board, please reach out.

Take care,
Your Eagle Wealth Team

Eagle Wealth Attends Habitat for Humanity Home Dedication

Last month, our Eagle Wealth team was pleased to attend a Habitat for Humanity Home Dedication.  The event honored eight new townhouse owners and highlighted their individual journeys through the Habitat Homeownership Program.  We heard powerful stories of how these community members have overcome adversity like housing instability, loss, and financial hardships.  It’s experiences like this that remind us why we support causes that lift up our community members. 

During the dedication, we presented custom Eagle Wealth tool buckets filled with all the essentials for their new homes.  After that, Brody shared his experience as a financial mentor to Habitat participants and Mat spoke about why Eagle Wealth chose to sponsor Habitat’s Nuts and Bolts financial program.  Hats off to all the new homeowners for their hard work!




The Week on Wall Street

Strong earnings from several mega-cap technology companies offset renewed regional banking jitters and weak economic data, leaving stocks higher for the week.

The Dow Jones Industrial Average gained 0.86%, while the Standard & Poor’s 500 added 0.87%. The Nasdaq Composite index rose 1.28% for the week. The MSCI EAFE index, which tracks developed overseas stock markets, lost 0.60%.1,2,3

Earnings Drive Rebound

It was a very busy week of earnings reports, but none more important than those from the Big Tech names. After two days of sharp losses on revived regional banking fears and otherwise lackluster earnings results, stocks rallied powerfully on a succession of positive earnings surprises from several mega-cap companies.

Also aiding the sentiment was last week’s first quarter Gross Domestic Product (GDP) report. Though the report showed muted economic growth that fell short of expectations, investors were encouraged by strong consumer spending.

Slowing Growth

In a sign that higher rates are slowing economic growth, first-quarter GDP slowed to a 1.1% annualized growth rate as healthy consumer spending helped offset a decline in business investment and a slowdown in nonresidential investment.

Economists had expected first-quarter GDP growth to come in at 2%. The business inventory investment slowdown reduced the headline GDP number by 2.26%.4

The initial estimate of GDP also reported some disappointing inflation news as the quarter-over-quarter Personal Consumption Expenditures Price Index, the Fed’s preferred inflation measure, rose 4.2%, which was higher than the 3.7% forecast.5



Monday: Institute for Supply Management (ISM) Manufacturing Index.
Tuesday: Factory Orders. Job Openings and Turnover Survey (JOLTS).
Wednesday: FOMC Announcement. Institute for Supply Management (ISM) Services Index.
Thursday:  Jobless Claims.
Friday:  Employment Situation. 


Source: Econoday, April 28, 2023
The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to be providing accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts also are subject to revision.


Monday:  Stryker Corporation (SYK), ON Semiconductor Corporation (ON).
Tuesday:  Advanced Micro Devices, Inc. (AMD), Ford Motor Company (F), Pfizer, Inc. (PFE), Starbucks Corporation (SBUX), Marathon Petroleum (MPC).
Wednesday:  CVS Health Corporation (CVS), Qualcomm, Inc. (QCOM), Albemarle Corporation (ALB), Barrick Gold Corporation (GOLD).
Thursday:  Apple, Inc. (AAPL), Block, Inc. (SQ), Shopify, Inc. (SHOP), ConocoPhillips (COP), Booking Holdings, Inc. (BKNG), Regeneron Pharmaceuticals, Inc. (REGN),
Friday:  Cigna Group (CI), EOG Resources, Inc. (EOG), Dominion Energy, Inc. (D),

Source: Zacks, April 28, 2023
Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule when they report earnings without notice.



Disclosures and Footnotes

Any companies mentioned are for informational purposes only, and this should not be considered a solicitation for the purchase or sale of their securities. Any investment should be consistent with your objectives, time frame, and risk tolerance.

1. The Wall Street Journal, April 28, 2023
2. The Wall Street Journal, April 28, 2023
3. The Wall Street Journal, April 28, 2023
4. CNBC, April 27, 2023
5. CNBC, April 27, 2023

Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost.

The forecasts or forward-looking statements are based on assumptions, may not materialize, and are subject to revision without notice.

The market indexes discussed are unmanaged, and generally, considered representative of their respective markets. Index performance is not indicative of the past performance of a particular investment. Indexes do not incur management fees, costs, and expenses. Individuals cannot directly invest in unmanaged indexes. Past performance does not guarantee future results.

The Dow Jones Industrial Average is an unmanaged index that is generally considered representative of large-capitalization companies on the U.S. stock market. Nasdaq Composite is an index of the common stocks and similar securities listed on the NASDAQ stock market and is considered a broad indicator of the performance of technology and growth companies. The MSCI EAFE Index was created by Morgan Stanley Capital International (MSCI) and serves as a benchmark of the performance of major international equity markets, as represented by 21 major MSCI indexes from Europe, Australia, and Southeast Asia. The S&P 500 Composite Index is an unmanaged group of securities that are considered to be representative of the stock market in general.

U.S. Treasury Notes are guaranteed by the federal government as to the timely payment of principal and interest. However, if you sell a Treasury Note prior to maturity, it may be worth more or less than the original price paid. Fixed income investments are subject to various risks including changes in interest rates, credit quality, inflation risk, market valuations, prepayments, corporate events, tax ramifications and other factors.

International investments carry additional risks, which include differences in financial reporting standards, currency exchange rates, political risks unique to a specific country, foreign taxes and regulations, and the potential for illiquid markets. These factors may result in greater share price volatility.

Please consult your financial professional for additional information.

This content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG is not affiliated with the named representative, financial professional, Registered Investment Advisor, Broker-Dealer, nor state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and they should not be considered a solicitation for the purchase or sale of any security. Copyright 2022 FMG Suite.