To plan effectively for clients' retirement, advisors are going to have to broach sensitive subjects like family finance. That's the message from a new Bank of America Merrill Lynch study entitled, "Family & Retirement: The Elephant in the Room."
The study showed that many adults 50 and older with over $250,000 in investable assets were simply not discussing with their familiesin many cases even their spousesome of the most important financial planning concerns. More than half had not discussed issues such as wills or health directives with their children, and nearly one-third of respondents over 50 had not had those discussions with their spouse.
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