Fred Marchildon, President and CEO of GIC Financial Management in Ancaster, has always encouraged an open dialogue with his kids about money. As one of GIC’s Family Wealth Advisors, he knows that it is not that simple for many families. Fred believes that can be changed and he has a strategy to help people start the conversation.

As the father of four children, Fred always set aside time to discuss important topics with his children. “Money is a very important topic”, says Fred. He made sure that money and money management was a regular topic of discussion at the family dinner table. Even after his children were married, the conversation continued and included the new members of the family.

“Few people like to talk about money, especially when it’s about their own situation. I believe that if you’re going to talk to your children about money, do it early and do it often. The more often you talk about money, the more comfortable you and your children will become with the topic.”

Financial wellness for children and parents is one of the pillars at GIC Financial Management. “When we see clients, we often see a family getting ready to retire since it affects everyone. The family members often convey that they are a bit fearful and can be worried about the future.”

“One of the first questions that we ask is, ‘do you have plans to involve your children in financial decisions?’ We ask this because we want to know if they have a power of attorney or have assigned an executor. Often the answer is ‘yes we do want them involved, but we’ve never really had a conversation’. If children don’t understand their parent’s situation, plan and wishes, it can put relationships at risk as well as assets.”

Meeting the adult children of clients is a great first step for the family to begin having a conversation around money. Talking about money involves trust and openness. There is a lot to learn and understand and the goal is to build a long-term plan that everyone is invested in.

Fred believes so strongly in the value of family finances that he is opening a new Financial Wellness Centre in Ancaster this summer. The Two Roads Financial Centre will focus on “family wealth coaching”. It will be a welcoming and open space that encourages dialogue, learning and connecting. “There isn’t anything like Two Roads in our area and we know it will become a hub of activity related to financial wellness”.

The centre will host seminars and workshops on topics such as intergenerational wealth planning, retiring comfortably in any economy and financial strategies at any life stage.

The centre will also offer flex office space for small business owners and not-for-profits as well as a boardroom and event space.

For more information, please call Fred and his team of Family Wealth Coaches at 905-304-9495.

This article appeared in The Hamilton Spectator, Summer 2015.