As parents age, money can get more complicated—bill paying, account access, healthcare decisions, investment management, and eventually the possibility that someone else may need to step in. In this episode, Don and Tom walk through how families can start that conversation before a crisis hits. They cover when to begin talking, what adult children should know about accounts and spending, why durable powers of attorney need to be checked with custodians in advance, and the importance of reviewing wills, beneficiaries, and backup d...
As parents age, money can get more complicated—bill paying, account access, healthcare decisions, investment management, and eventually the possibility that someone else may need to step in. In this episode, Don and Tom walk through how families can start that conversation before a crisis hits. They cover when to begin talking, what adult children should know about accounts and spending, why durable powers of attorney need to be checked with custodians in advance, and the importance of reviewing wills, beneficiaries, and backup decision-makers. They also talk about the emotional side of these transitions, including independence, trust, and the danger of children projecting their own investing preferences—or financial self-interest—onto aging parents.
Then they answer two listener questions: one about whether it’s time to fire an evasive advisor charging 1% plus expensive funds, and another about alternative career paths in financial planning beyond the traditional CFP route.
0:05 – Intro: the hard conversation families need to have about aging and money
1:00 – When parents—or you—reach the point where financial help may be needed
1:56 – Tom’s family experience and the challenge of stepping in gracefully
3:17 – Why families should talk early about money, spending, and where accounts are held
5:24 – Account access, passwords, and why digital organization matters more than ever
7:38 – Durable power of attorney: why you need one and why custodians should review it in advance
9:01 – Backups for everything: POAs, wills, beneficiaries, and successor decision-makers
10:02 – Why adult children should meet their parents’ financial advisor before a crisis
11:07 – When a trusted advisor can help if parents don’t want children directly involved
11:28 – How to approach the conversation as an adult child without expecting instant control
12:28 – Don’t project your own investing style onto your parents’ retirement portfolio
13:28 – The uncomfortable reality of greed and inheritance influencing family decisions
13:40 – Why this belongs at the top of the planning checklist for older families
14:07 – How to send your own questions to Talking Real Money
14:58 – Listener question: Is it time to fire a wealth manager who won’t answer basic questions?
17:15 – Don and Tom’s verdict on an advisor charging 1% while dodging accountability
18:48 – Listener question: Are there good financial-planning career paths besides becoming a CFP?
20:41 – The regulatory reality of giving investment advice for a fee
22:32 – Relationship roles, planning roles, and the growing specialization inside advisory firms
Questions? Comments? Click!
View more
