In recent years, many advisors who target high end clients have shifted to a "wealth management" positioning. Typically working with a smaller number of clients and generally starting with a financial planning approach, this wealth management positioning tackles a comprehensive range of financial issues including investments and insurance but also tax and estate planning, charitable giving and retirement income planning.

Today, a small number of advisors are moving to an even broader positioning - seeking to become the "family wealth advisor" for their most affluent clients.

Tapping into client hot buttons

To be a family wealth advisor for your key clients, you need to be viewed as a resource on the full range of your clients' key financial concerns.

And for many wealthy Canadians, high up on the list of concerns is ensuring their kids grow up to be happy, successful and productive.

I recently conducted a series of short video interviews with psychologist Lee Hausner,  who spent many years working for the Beverley Hills School District and has written several books on how wealthy parents can raise successful children.

We talked about her experience with the challenges that wealthy families face in raising children - these interviews are summarized in today's Globe column.

While some of Lee Hausner's strategies are specific to the top of the market, many of the principles can be applied more broadly.

Here's a brief recap of some of the ideas we discussed in these eight videos - all are available to view and to send to clients at www.clientinsights.ca.

Video 1: Family conversations about charitable giving (featured on today's email)

Lee Hausner discusses the idea of assigning each child an annual amount to give to charity, provided they first do research and submit a written report.  For more affluent families, she suggests assigning an amount (say $10,000) that will be invested with the profits each year going to charity - and allowing children to help select how the money is invested.

Video 2: Talking to your children about money

Many families have difficulty talking about money. This video outlines how parents can ensure their children become fiscally competent and talks about the role of allowance and helping children differentiate between wants and needs. 

Video 3: Estate transfers in wealthy families

Based on many years of experience with wealthy families, Lee Hausner outlines the keys to effective estate transfers to children.

Video 4: Developing accountability

Too many children in wealthy families never build a sense of accountability for the outcomes of             their actions.  Lee Hausner advocates developing accountability by giving children a budget for clothing and other expenses - and when the money is gone, it's gone.

Video 5: The role of realistic expectations

High achieving parents can set kids up for failure with unrealistic expectations. Lee Hausner points out the importance of realistic expectations and of focusing on effort rather             than results.

Video 6: Strategies for family communication

Lee Hausner outlines strategies for parents to foster communication with their children and highlights the role of family meetings.

Video 7: Children of paradise - promoting achievement

Shirtsleeves to shirtsleeves in three generations is a cliché in many cultures. Lee Hausner talks about how successful parents can promote a focus on achievement in their children and the key role of delayed gratification.

Video 8: Children of paradise  - the impact of consequences

The twin ailments of affluenza and entitlitis are all too common in wealthy families. This video discusses this and also outlines a conversation to have with adult children still living at home.