This is Why Your Adult Children Need a Financial Plan

By Brett Gottlieb

If you have children of any age, I can safely say that you have hopes and dreams for them. We all want our kids to be resilient, successful, and act as good stewards of their own wealth—and our wealth when they ultimately inherit it. That’s why 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 critical it is in building sustainable wealth. Studies show that 23% of American taxpayers do not have a long-term financial plan.[1] But households that work with an advisor to create a plan are typically more financially stable and experience more confidence and happiness in life, according to Northwestern Mutual’s Planning and Progress Study.[2]


If that’s not convincing enough, let’s cover two more reasons why you should encourage your grown children to adhere to a financial plan.


It Equips Them to Manage Their Own Wealth

One common struggle among 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.


Setting your kids up with a financial plan not only helps shine a light on their current habits, it can also 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.[3]


It Helps to Secure Your Legacy

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 successful 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. 


The Best Gift You Can Give to Your Children

Now is the time to introduce your kids to financial planning. And you don’t have to do it alone—our team at Comprehensive Advisor is here to walk alongside you and your children on both of your financial journeys.


If you think your children could benefit from a financial plan, have them schedule a call with us. We’d be happy to conduct a review of their finances, analyze their current financial situation, help them establish goals, and create an investment plan that aligns with their risk tolerance, goals, and time horizon. Email us at or call (760) 813-2125 to get started.


About Our Advisors

Brett Gottlieb is the founder of Comprehensive Advisor and a financial advisor with nearly two decades of industry experience. He graduated from California State University-Chico with two bachelor’s degrees in Business Administration and Economics. Brett is Life Insurance licensed in several states. He is passionate about guiding his clients on retirement income planning, helping each client pursue their specific retirement goals and defending the assets his clients have worked so hard to achieve. Brett is a California native and currently resides in San Elijo Hills with his beautiful wife and three children.


With a combined experience of over three decades in the financial services industry, our advisors hail from some of the largest independent broker/dealers and banking institutions in the country. They have dedicated their professional careers to creating personalized financial solutions for individuals and families who seek successful retirement planning and currently offer investment advisory services through AE Wealth Management, LLC. Our advisors take a common-sense approach to the planning process and work with clients to create a retirement road map to help ensure their assets are protected and they receive the income needed to enjoy their future. Based in Carlsbad, California, they work with clients throughout San Diego County and beyond. Learn more by connecting with Brett on LinkedIn or email them at


Comprehensive Advisor, LLC is an independent financial services firm that utilizes a variety of investment and insurance products. Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and Comprehensive Advisor are not affiliated companies. C.A. Financial & Insurance Services, CA Ins. Lic. #6000262. This material is intended to provide general information and is believed to be reliable, but accuracy and completeness cannot be guaranteed. Neither the firm nor its representatives may give tax or legal advice. Investing involves risk, including the potential loss of principal. Any references to protection benefits, safety, security, lifetime income, etc. generally refer to fixed insurance products, never securities or investment products.1023376-8/21





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