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Presented by J.P. Morgan Family Wealth Institute (trade mark)

The Quiet Disconnect

in family wealth conversations

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The J.P. Morgan Wealth Management logo remains in a corner as a dark-haired man in a gray suit sits in an office with warm natural accents. Identifying text appears as he holds cue cards and speaks into a microphone:

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Kevin Hale

Head of JPMA Marketing

J.P. Morgan Wealth Management

Kevin Hale:

Today, we're discussing the findings from our latest research paper: "The Quiet Disconnect in Family Wealth Conversations." It's a deep dive into how families communicate about wealth, inheritance, and legacy, and why so many of us find these conversations challenging. I'm joined today by two of my colleagues from J.P. Morgan Wealth Management, Jessica Douieb, Head of Family Wealth Services, and Stacy Allred, Head of Family Engagement and Governance. Thank you both for being here with us today.

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Jessica Douieb

Head of Family Wealth Services

J.P. Morgan Wealth Management

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Stacy Allred

Head of Family Engagement and Governance

J.P. Morgan Wealth Management

Kevin Hale:

So, let's dive right in. Jess, what is it that made you want to conduct research on this particular topic?

Stacy Allred:

Well, in our practice, we have just seen that it's really difficult for families across generations to have conversations about their wealth. On screen:

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7 out of 10

family members are uncomfortable talking about wealth

Stacy Allred:

In fact, in our research, 7 out of 10 family members felt real discomfort about having these discussions, and we wanted to really understand why.

Kevin Hale:

Wow, 7 out of 10. That's pretty significant. Now, you both have had many, many years of working directly with clients and families one-on-one. Given all that, was there anything that still surprised you that came out of the research?

Stacy Allred:

Absolutely. We learned that "family wealth" meant different things to different generations.

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What family wealth means to different generations

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Security

Legacy

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Under 'Gen X, Millennials, Gen Z,' a crossroads branching into four arrows points to more text:

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Freedom

Opportunity

Stacy Allred:

For example, Boomers tend to see it as security and legacy, and younger generations tend to see it as freedom and opportunity. And that mindset matters. Mindset impacts behavior, and behavior impacts outcomes.

Jessica Douieb:

Another interesting takeaway from the research is that Gen Xers like myself are often the translators. They're trying to balance the security that their parents seek along with the transparency and freedom that their kids are looking for. In fact, Gen Xers are nearly twice as likely as Boomers to find the conversations highly difficult to have, especially when communication styles can clash, and it can be really emotional.

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Gen X is

2x

more likely than Boomers to find family wealth talks challenging

Kevin Hale:

I could imagine. So, let's pull on those emotional heartstrings a little bit. What did the research show in terms of how these communications are making people feel?

Stacy Allred:

Discussing family wealth really touches nerves. Gen Xers and younger generations felt twice the level of anxiety and stress than Boomers.

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Gen X, Millennials, and Gen Z feel

2x

the level of stress having financial talks vs. Boomers

Stacy Allred:

Our research showed that it was more than just communication styles. There are common hurdles and emotions like perceived fairness. We get a lot of questions about that. Avoidance and partial communication.

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Three hurdles tied to emotions

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A scale points to 'Perceived fairness;' a caution symbol points to 'Avoidance;' and dialogue bubbles point to 'Partial communication.'

Stacy Allred:

And all of these hurdles are expressed differently by each generation.

Jessica Douieb:

Another struggle expressed by both the Millennials and the Gen Z respondents is the lack of transparency and involvement. Which, when you think about it, is not too surprising for the younger generations because they've really been brought up in a culture where they share more than ever before.

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87%

of Millennials and Gen Zers value having family wealth conversations

Jessica Douieb:

In fact, in our research, 87% of Millennials and Gen Zers actually want to have these conversations. They value having these conversations around family wealth.

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1/3

of Boomers surveyed don't think family wealth conversations are important

Jessica Douieb:

Conversely, though, nearly a third of the Boomers don't feel that the conversations are important. So, we really have to bridge sort of these instances, and it's pretty critical to have these conversations amongst families. We would suggest that families try to find a common ground. Try to identify shared values, for example. And that can really ensure that the conversations are as productive as possible.

Kevin Hale:

I'm kind of chuckling to myself because this absolutely resonates with me personally. My sister and I are, you know, kind of encouraging our parents to have more of these conversations. They're Boomers. They're definitely open to it. But we're finding that we have to kind of nudge them along a little bit. So, on that note, what would you say are some tips or recommendations you would give to families to help make these cross-generational conversations even more productive.

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Takeaway 1

Define and align on the meaning of wealth.

Stacy Allred:

You want to create a shared definition and understanding of what financial wealth means in your family. And wealth brings a lot of complexity.

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Takeaway 2

Prioritize connection conversations over transactional ones.

Stacy Allred:

The second takeaway that we would recommend is that families should have connecting conversations, not just transactional ones. For example, we would suggest that a family probably not have the family wealth discussion at the moment of a crisis or a significant life event. So, you shouldn't do these sort of one-off situations. And in fact, we would suggest that they create shared experiences.

Kevin Hale:

Shared experiences. Now, what exactly does that mean?

Jessica Douieb:

Yes, that is a... that is a good question. So, a shared experience could be something as simple as taking a family vacation together across generations. Maybe they make that vacation a regular vacation, or a tradition, if you will. Another good example is creating a shared family project, something whereby the conversations can be ongoing, because we've really found that proactive and intentional conversations can really help preserve a family's legacy.

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Takeaway 3

Embrace generational differences without judgment.

Stacy Allred:

Another key tip is that it's really important to embrace generational differences without judgment. Now, that can be easier said than done. So, it's helpful to remember that you can't be both curious and judgmental at the same time.

Kevin Hale:

I imagine, at the end of the day, it's about alignment and understanding. Is that right?

Stacy Allred:

That's exactly right. At the end of a family meeting where we've talked about values and valuables, we asked parents how that felt. They say they feel relieved. It was easier than they thought it would be, and also proud of the way that their rising generation showed up with care and engagement. And we asked the rising generation how it felt for them, and they say they really felt respected.

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Takeaway 4: Don't be afraid to bring in outside help.

Jessica Douieb:

Finally, we would suggest not to be afraid to bring in outside help. Oftentimes, a neutral and trusted third party can help really ease tensions and ensure that the conversations are ongoing. Families can really thrive when they move away from these sort of one-off surface-level conversations and they try to have more deeper values-driven conversations, and that's how legacies are built and sustained.

Kevin Hale:

Well with that, I don't know if there's much more to say. That is ultimately what we're all working towards, right? And so, I will just say, thank you Stacy, thank you Jess, for sharing all these wonderful insights with all of us.

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Kevin addresses the viewer:

Kevin Hale:

And thank you for joining us. We hope you'll put some of these practices to work with your own family. To access our research and additional resources to support these conversations, visit the J.P. Morgan Family Wealth Institute.

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J.P. Morgan Wealth Management.

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To access our research and additional resources, visit

JPMORGAN.COM/FWI

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Side note:

Legal disclosures:

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Source: The Quiet Disconnect in Family Wealth Conversations, published January 15, 2026.

The views, opinions, estimates and strategies expressed herein constitutes the speaker's judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan. This information in no way constitutes J.P. Morgan Research and should not be treated as such. You should carefully consider your needs and objectives before making any decisions --including whether the services, products, asset classes (e.g. equities, fixed income, alternative investments, commodities, etc.) or strategies discussed are suitable to your needs. You must also consider the objectives, risks, charges, and expenses associated with any investment or financial service, product or strategy prior to making an investment decision. For additional guidance on how this information should be applied to your situation, you should consult your advisor.

(In bold) JPMorgan Chase & Co. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your personal tax, legal and accounting advisors for advice before engaging in any transaction. Past performance is no guarantee of future results.

J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through (in bold) J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment adviser, member FINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. Certain custody and other services are provided by JPMorgan Chase Bank, N.A. (JPMCB). JPMS, CIA and JPMCB are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.  

Copyright 2026 JPMorgan Chase & Co.

END

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INVESTMENT AND INSURANCE PRODUCTS:

• NOT A DEPOSIT

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• MAY LOSE VALUE

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Opening title:

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Preparing for Transition:

An Exercise for Business Owners.

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Now the man (who has short salt-and-pepper hair, brown eyes, and a goatee) speaks to us.

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Adam Frank

Head of Wealth Planning and Advice

J.P. Morgan Wealth Management

Adam Frank:

I'm Adam Frank, I lead the Wealth Planning and Advice team for J.P. Morgan Wealth Management.

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Now the woman (who has long dark-brown hair and brown eyes) speaks to us.

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Stacy Allred

Head of Family Engagement & Governance

J.P. Morgan Wealth Management

Stacy Allred:

I'm Stacy Allred and I lead Family Engagement and Governance at J.P. Morgan Wealth Management.

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Why is succession planning important to business owners?

Adam Frank:

Usually when we talk about succession planning, we're talking about a business owner or a founder or a wealth creator making the transition of the business to a successor: a child or children, employees, a purchaser, a third-party purchaser.

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An infographic shows arrows coming from a business owner, pointing towards those three different types of successors.

Adam Frank:

But I like to think about it more broadly. It's a transition from one stage of life to another. And I know, Stacy, you and your team focus on that a lot, and we often collaborate in that intersection.

Stacy Allred:

Absolutely. And the question is, I want something not just to go from, but something to go to, and what does that look like across the arc of the hundred-year life and this non-linear life?

Adam Frank:

Because if you don't have something to go to, what we find is that business owners in particular who were running a business and now aren't often regret having planned the succession so well; they're no longer needed, they're no longer relevant.

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How do we assist business owners with succession planning?

Stacy Allred:

The best transitions we see are ones that start with a really nice long on-ramp and think of it more as a process, right, not an event, and plan for that. We like to say that we have the frameworks and the questions, and they have the answers. And with these frameworks and questions, we can help them design that vibrant next chapter.

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What strategies do we use to help business owners prepare for a successful transition?

Stacy Allred:

A practical tool for decision making in the transition planning is this idea of the pre- and pro-mortem. We're going to go into the future. Pick a timeframe that makes sense. The pre- and pro-mortem use our natural ability to tell stories that have quote "already happened."

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The pre- and pro-mortem exercise

Select a term in the future (1-10 yrs.) and use your natural ability to tell stories that have "already happened."

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Gary A. Klein, "Performing a project premortem," Harvard Business Review (September 2007)

Stacy Allred:

We're going to ask you to create two stories. The first story, the pre-mortem, is the disaster story. The transition's gone really poorly. Name every reason how did that happen?

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STORY 1: PRE-MORTEM

A Spectacular Failure

Accept that the plan had failed and imagine a disaster

Ex: The family members dismantle and sell off business at a massive loss.

Stacy Allred:

Now let's go to the pro-mortem, the brilliant story, why it wasn't perfect, it was really great. Name every possible reason.

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STORY 2: PRO-MORTEM

A Brilliant Outcome

Accept that the plan succeeded and imagine an excellent outcome

Ex: The family business thrives and achieves the family purpose.

Stacy Allred:

And then, our teams would work together to promote the pro-mortem and to protect against the pre-mortem.

Adam Frank:

So, it's a great thought experiment and it really does help make the decision making today more informed to guide the family towards, hopefully, a better outcome.

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When is the right time for succession planning?

Adam Frank:

The best time to start planning is now. It's always now. Even if you could have planned three years ago for something that's happening, you can still plan now for the future.

Stacy Allred:

Planning helps increase the probability of success, and who doesn't want success?

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Closing text:

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J.P. Morgan WEALTH MANAGEMENT

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FOR MORE INFORMATION, CONNECT WITH US AT JPMORGAN.COM/YOURWEALTHADVISOR.

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Legal disclosures appear:

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Opinions expressed are those of the speakers and may differ from those of other J.P. Morgan employees and affiliates. Neither J.P. Morgan nor any of its affiliates can represent that the statements or opinions expressed today will materialize.

J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment adviser, member FINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. Certain custody and other services are provided by JPMorgan Chase Bank, N.A. (JPMCB). JPMS, CIA and JPMCB are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.

Copyright {{copyrightCurrentYear}} JPMorgan Chase & Co.