This Is Why Your Adult Children Need A Financial Plan

This Is Why Your Adult Children Need A Financial Plan

May 03, 2021

From the moment they’re born, we work to instill in our children a multitude of values: integrity, generosity, kindness, ambition—the list goes on. We also want them to be good stewards of their wealth…as well as our wealth when they ultimately inherit it. No matter their age, it’s never too early (or too late) to help your adult children develop a financial plan.  

If you have your own financial plan, you know how crucial it is to build sustainable wealth. Studies show that only 30% of households have a long-term financial plan. (1) But households that do are typically better with money: they save regularly, exercise positive investing habits, and know how to effectively manage their debt. 

If you’re still not convinced, consider two more reasons why you should encourage your grown children to follow a financial plan. 

It Helps Them Learn To Manage Their Own Wealth

One common struggle among affluent 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. 

Getting your kids on a financial plan not only helps shine a light on their current habits, but it can 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. (2)

It’s The First Step In Legacy Planning

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 high-net-worth 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.  

Get Started Today

Now is the time to introduce your kids to financial planning. If you’re feeling anxious or overwhelmed about the process, remember that you’re not alone. Our HBA Wealth team is here to partner with you and your children on your financial journeys. 

If you think your children could benefit from a financial plan, we’d be happy to do an annual review of their finances, during which we analyze their current financial situation, help them establish goals, and create an investment plan that aligns with their risk tolerance, goals, and time horizon. 

If you’re interested in learning more, don’t hesitate to contact us at (626) 529-8347 or email Ricky directly at We look forward to hearing from you (or your children) soon!

About Haydel, Biel & Associates

Haydel, Biel & Associates is an independent financial advisory firm serving individuals and families near Pasadena, California. The firm was founded in 2004 by Chris Haydel and Ricky Biel with a desire to provide unbiased, client-centered, community-based financial advice. Together, they have built a practice that has grown into a family of caring, smart professionals committed to blending proven investment methodologies with creative financial technologies that make it easier than ever to accomplish your goals. They strive to keep things simple and fun to give their clients peace of mind and alleviate financial stress. HBA Wealth takes care of their clients’ needs first and foremost and goes the extra mile to make their clients’ finances grow. To meet and see how the HBA Wealth team may be able to help, contact them today at (626) 529-8347 or email Ricky directly at

The commentary on this blog/website reflects the personal opinions, viewpoints and analyses of the Haydel Biel & Associates employees providing such comments, and should not be regarded as a description of advisory services provided by  Haydel Biel & Associates or performance returns of any  Haydel Biel & Associates Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Haydel Biel & Associates manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.