Client Management - Client Administration: Client Family Tree Conversation
Client Family Tree Conversation Overview
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Have the conversation early in the advice process to gain trust and engage
- ‘In order to best secure your family’s financial well-being and security, I need to start by understanding your family situation. A discussion about your family will help me understand what is important to you’
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The conversation will generally cover three generations. When drawing the Tree, be mindful to start with this in mind. For example, if the clients are 35 to 55, the Tree is likely to be one generation up and one down, so start drawing mid-page
Start with the Clients
- Capture basic data – names, ages, occupation, income and health, how long in current relationship/ marriage
- Straight line denotes married, dotted line for de facto relationship
- Wills? Enduring Power of Attorney? Are they up to date?
- This is a series of simple questions – ‘starting in the shallow end’
- Beyond the data, we are also attempting to find out if either is subject to professional or business risk
Ask about the Children
- Ages, dependency if 18 or over
- Likely length of financial dependency
- If younger – schooling, aspirations?
- What are their strengths?
- If older – uni, job, relationships
- Generally, any concerns?
- As well as financial obligations, we are trying to uncover any behavioural issues or any disabilities
- Reassure the client that all families have issues, it’s unusual if there are none
- Use numbered footnotes to capture any emotive or sensitive issues
Ask about Previous Relationships
- Have either of you been previously married or in a prior relationship of significance?
- Are there children from that marriage or relationship?
- If so, do you share care with your former partner? If so, what is the arrangement?
- Has your former partner re-married or entered into a new relationship?
- Have you financial responsibilities from the former relationship?
Ask about Generations (If Necessary)
- What are your parents’ names? (this should usually elicit whether they still live – use ‘D’ for Deceased)
- What is their health like? Do you or any of your siblings have to provide care or other assistance to them?
- Ask about siblings in scenarios of significant inheritance and family business,
- Are the parents likely to require professional assistance at home or to move into
- an Aged care facility?
- Are they in receipt of the Age Pension?
- Legal affairs - how long since their Wills reviewed? Who is Executor? Back up Executor? Have they got Enduring Power of Attorneys? If so, who is Attorney?
- What are the relationships like for each of you in relation to your parents-in-law?
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