Financial Advisors Can Help Ease Family Disputes
Emotions lie at the heart of family conflicts, and human beings are often reaction machines. Typical reactions may involve aggression, capitulation, or withdrawal. Financial advisors can help break the cycle of natural reactions. Here are a few ways you can help.
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Help family members understand the emotional triggers that set off certain reactions.
Go to the Balcony
Suggest angry family members “go to the balcony,”¹ or distance themselves from an interaction so that they might cool off and view the proceedings more objectively, as a third party might.
Take a Look Inside
Ask family members to look at their behavior and reflect on the emotions that may be encouraging them to act a certain way. And remind them that refusing to abandon positions, or compromise, can lead to resentment, family breakups, and even legal actions.
- Elevate What’s Important
Get family members to focus on their interests—this can help diffuse anger and hostility. - Create Normative Decision-Making Structures
Form family constitutions or councils to develop strategy and wealth distribution policies. These are especially crucial for third and fourth generations where natural fragmentation occurs. - Highlight Shared Values
Separate the emotional issues surrounding family from the strategy driving business. Shared values can not only guide the family through its emotional issues but also guide the business in its development of strategy.
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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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