Establishing a Family Code of Conduct is an essential precondition for holding successful family meetings. Effective and open communication is best facilitated when all family members agree on rules of conduct. A Family Code of Conduct, in itself, cannot prevent outbreaks of “emotional triggers,” which can recall past painful events among others, but it may diminish their number and intensity.
1. The Advisor’s Role: Establish Clear and Easy-to-Understand Rules
- Civility is expected from everyone.
- Cell phones must be put away or put on silent mode.
- Every family member gets a chance to articulate their thoughts.
- Each member is obligated to listen carefully when another member is speaking.
- There will be no interruptions until a person finishes their point.
- Each family member has an obligation to be honest, without blaming or judging another.
- Each member is to be open to unexpected outcomes.
- Yelling will not be tolerated—under any circumstances.
2. Who Administers the Family Code of Conduct?
The financial advisor, an external party, or an appointed family member is responsible for adherence to the family code of conduct.
This may involve frequent reminders of the agreed-upon rules, suggesting slowing down discussions or even taking a break.
The advisor needs to remind everyone that nonadherence to the code of conduct disrupts the possibility for open, honest communication, and that the rules have been agreed upon by all members of the family.
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Important information
Published on 18 March 2024.
This document reflects the views of Lazard Asset Management LLC or its affiliates ("Lazard") based upon information believed to be reliable as of the publication date. There is no guarantee that any forecast or opinion will be realized. This document is provided by Lazard for informational purposes only. Nothing herein constitutes investment advice or a recommendation relating to any security, commodity, derivative, investment management service, or investment product. Investments in securities, derivatives, and commodities involve risk, will fluctuate in price, and may result in losses. Certain assets held in Lazard’s investment portfolios, in particular alternative investment portfolios, can involve high degrees of risk and volatility when compared to other assets. Similarly, certain assets held in Lazard’s investment portfolios may trade in less liquid or efficient markets, which can affect investment performance. Past performance does not guarantee future results. The views expressed herein are subject to change, and may differ from the views of other Lazard investment professionals.
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