BRIDGING THE FINANCIAL
GENERATION GAP
with the estate plan itself, but with how to
effectively communicate this information
to the children and grandchildren. They
are also concerned not just with the estate
plan itself, but about family dynamics
– particularly when children are being
treated fairly, but differently.
How to communicate these concerns
within the family tree should be an
important part of a planning discussion.
But that communication can be bottom
up as well as top down – especially
when it comes to hearing the Gen Xer’s
and Millenials explaining iPhone and
Smart TV features to their Baby Boomer
elders. Discussing generational differences
allows for a more robust financial planning
conversation, which ultimately assists in
communicating a wealth management
plan with the family.
In this world of increasingly fast-paced
change, it is important to do appropriate
planning and to develop effective
communication of the desires and
goals of all concerned. 9
EDITOR’S NOTE: Cherry Smith
is a wealth services adviser with
the Tampa Bay Trust Company,
a division of The Sanibel Captiva
Trust Company of Sanibel,
Florida, an independent firm
with $3 billion in assets under
management that provides family
office and wealth management
services, including investment
management, trust administration and
financial counsel to high net worth individuals,
families, businesses, foundations and
endowments. Tampa Bay area offices are
in Tampa, Belleair-Clearwater and Tarpon
Springs, (813) 915-6202 or (888) 660-1976,
tampabaytrustcompany.com.
FINANCE
By Cherry Smith
and “Baby Boomer” generations, while
their children and grandchildren are
seemingly worlds apart as Gen Xers and
Millennials. I am fortunate to often work
with clients’ multiple generations and to
spend thoughtful time discussing sensitive
inheritance and estate planning issues. The
older generation is concerned not only
MAY/JUNE 2021 | TAMPA BAY MAGAZINE 93
Most families have a fun aunt
or uncle who for years has
hosted the extended family
holiday get-togethers known
for conversations and board games. Over
the last generation, the great nieces and
nephews have begun arriving with their
smart phones and use them in exclusion of
face-to-face socializing, which is the whole
point of the gathering. When the host is not
pleased and about to speak to the parents,
the host notices the parents have also
taken out their smart phones. So begins
a new holiday policy: Going forward, all
cell phones will be checked in the front
door basket upon arrival. The result is
an enjoyable day filled with anticipated
conversations and board games. I bet you
can relate to this.
We now have six generations living side
by side, resulting from births occurring in
the early 20th century to now. In that time,
we have gone from horses to spaceships
and from oral communication to
FaceTime. A family member who
learned phonics in a one-room
schoolhouse can be in the same
room with another member who
takes virtual classes to create
“apps.” A baby boomer who has
balanced a checkbook his entire
life has grandchildren who do
not know what a checkbook
is, but who view their bank
balances daily with the tap of
a finger. The technological and
communications divide between them is
as wide as any time in history.
Each generation holds different values
and attributes concerning communications
and careers (See the table). It is no surprise
that an early Baby Boomer struggles to
relate to Millennials and Gen Z’s.
Many people fall into the “Silent”
Cherry Smith