During the COVID-19 pandemic, the risks primarily outweighed the necessity of in-person meetings for business and family engagement. Virtual meetings became commonplace for some families even as the pandemic subsided.
However, virtual meetings demand a distinct approach, deliberate effort, and planning. Below are some lessons learned about effective and ineffective practices for virtual family meetings provided by WealthManagement.com.
- Plan virtual logistics like a physical meeting
- Ensure everyone can access the meeting, prepare materials, and assign roles for smooth operation, including addressing technological challenges and defining responsibilities like screen sharing and note-taking.
- Break up the sessions
- Take advantage of the flexibility of virtual meetings by spreading sessions over time, limiting them to 90 minutes with short breaks. Some families opt for cumulative content over multiple sessions, while others prefer stand-alone sessions.
- Adapt in-person meeting practices
- Set clear expectations and ground rules for video use, muting, chat, and interaction methods. Consider content pacing, breaks, and diverse voices or presenters, including outside speakers.
- Foster interaction and engagement
- Avoid focusing solely on content and create structures for discussion and engagement. Use chat queries, real-time polls, group games, and breakout rooms for intimate conversations, ensuring family members stay informed and connected while having fun.
- Utilize facilitators
- Enlist experts to facilitate family engagement and develop necessary capabilities, processes, and support systems to ensure lasting family connections and development.
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