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Why Your Adult Children Need a Financial Plan

Cypress Wealth Services

July 2021

Even before they’re born, parents begin the list of hopes and dreams they have for their children. I think it’s safe to say we all want our kids to be happy, successful, and act as good stewards of their own wealth—and our wealth when they eventually 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 already know how vital it is to build sustainable wealth. Studies show that only 30% of households have a long-term financial plan,(*1)  but households that do are typically better with money: they save regularly, exercise positive investing habits, and know how to effectively manage their debt—all things we know you want for your kids.

But if you’re still not convinced to encourage your grown children to follow a financial plan, consider two more reasons why you should.

It Helps Them Learn to Manage Their Own Wealth

One common struggle among affluent 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.

Getting your kids on a financial plan not only helps shine a light on their current habits, but it can 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. (*2)

It’s the First Step in Legacy Planning

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 high-net-worth 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. 

Get Started Today

We all want the best for our children, and this includes financial wisdom and stability. So don’t waste another minute putting off introducing your kids to financial planning. And if you’re feeling anxious or overwhelmed about this process, remember that you don’t have to go at it alone. We at Cypress Wealth Services are here to partner with you and your children on your financial journeys.

If you think your children could benefit from a financial plan, we’re more than happy to do an annual review of their finances, during which we analyze their current financial situation, help them establish goals, and create a financial plan that aligns with their risk tolerance, goals, and time horizon. After all, that’s what we do for all our clients!

If you’re interested in learning more, don’t hesitate to call our office at 866.888.6563 or contact one of our offices today. We look forward to hearing from you (or your children) soon!


About Cypress Wealth Services

Cypress Wealth Services is an independent RIA firm providing financial planning and investment management to high net worth individuals, families, business owners, and institutions. Cypress Wealth Services comprises professionals with diverse backgrounds and extensive experience and qualifications. Cypress Wealth Services is uniquely qualified to serve a broad range of client needs, and their experience and expertise act as a foundation for their client service process. The firm uses The Second Growth, which focuses on efficiently protecting, growing, and transferring to their loved ones the wealth and legacy a person has already built. With financial advisors in Palm Desert, CA, Tustin, CA, and Anchorage, AK, the firm serves clients across the country in Wealth Management Services, Fiduciary Services, 401(k) Design and Management, Investment Reporting Services, Financial and Retirement Planning, and more. For more information, visit or call 760.834.7250.



Advisory services offered through Cypress Wealth Services, a registered investment adviser.  Securities offered through M.S. Howells & Co., a registered broker/dealer. Member FINRA/SIPC.  Cypress Wealth Services and M.S. Howells & Co. are not affiliated entities.