If money could talk, what would it have to say about you and your family? Would it be a happy participant at your dinner table, or more like an uninvited guest?

Back in 2009, I was incredibly lucky to meet Marilyn Wechter, MSW, a financial therapist and wealth counselor who has dedicated her career to helping families create healthier relationships with money and among themselves. Former colleague Mont Levy introduced the two of us, and I distinctly remember what he said to me then: If there was ever an investment professional who would be comfortable taking advice from a therapist, I was the guy.

Mont was right. Meeting Marilyn was not only one of the most important events in my life, it also has directly influenced our approach here at Hill Investment Group, helping us facilitate many otherwise-challenging financial conversations among families.

Sorry if it seems like I’m gushing, but it’s hard to overstate my enthusiasm for Marilyn’s work. Most recently, we hosted a mid-February client event with her in Houston: “How To Have the Money Talk With Children of Any Age.”

Together, we explored:

• How can we give generously to our children or others without undermining their self-determination?
• How can we normalize money discussions, so “wealth” doesn’t feel so otherworldly?
• What are good, conversation-generating questions to ask intended heirs, so you can better connect the potential wealth with their higher goals?

Marilyn has a way of helping you connect dots. Once the new mental and emotional connections are made, it feels impossible to ever unknow the new story or frame. If I’ve whetted your appetite for more, you may enjoy reading my more extensive description of the impact she’s had on my own life. You’ll find that by picking up a copy of Odds On and turning to page 179.

I’ll close with a teaser excerpt from the book:

I started bringing Marilyn into our office four times a year to speak to Hill Investment Group’s employees. Her insight and guidance helped us take our approach to another level. She’s taught us how to be better listeners and how to pick up emotional cues. … It might sound simple, but it made an incredible difference in how we were connecting with clients. Before we met Marilyn, we didn’t keep tissues around our office. Now, we have a box of tissues on the table for every meeting. We’re not trying to make our clients cry, but we often end up touching on memories from childhood, key relationships in their lives, and their hopes for the future.

Intrigued? Let us know if we can arrange an introduction.

Not long ago, keeping your financial stuff secure meant having a safety deposit box at your local bank. Wow, times have changed. A real or virtual safety deposit box still comes in handy, but it’s only the beginning. Not sure where to start building solid cybersecurity? Welcome to our periodic column, “In Your Cyber-Corner.” As Hill Investment Group’s Chief Operating Officer and resident “sheriff,” I’ll be offering one or two take-homes at a time. Today, I’ll take on the role a Trusted Contact Person (TCP) can play in safeguarding your stuff.

Picture this. You’re celebrating your 25^th wedding anniversary on an ocean cruise. Halfway through, your account custodian receives an unusual electronic request from “you,” asking for a substantial cash transfer abroad. Naturally, they would like to confirm whether it’s really you, but they are unable to reach you. They ask us, your advisor, but we can’t confirm your intentions either.

Or here’s another, far less happy, but increasingly common scenario. Unfortunately, your spouse is exhibiting early warning signs of dementia. One day, he contacts your account custodian out of the blue and asks for a cashier’s check on the entire $550,000 balance in his IRA account. Of course it’s his money, but …

What next? Many custodians (including Charles Schwab) allow you to designate TCPs to contact if they suspect you may be subject to financial exploitation, or with questions about your mental or physical well-being. For example, if you’ve named your daughter as a TCP, they can contact her, let her know what has transpired, and seek her input. Spouses also can name one another as TCPs for each other.

Your TCP does NOT have power of attorney (unless you’ve granted that separately). Schwab notes that your TCP “is not authorized to make investment decisions or withdraw funds from your account.” Naming a TCP does enable your custodian to place a temporary hold on suspicious transactions and report the incident to law enforcement agencies.

So go ahead, pack those bags, enjoy your busy life and make the most of your wealth. If you’re interested in more information on designating a TCP, simply email us at service@hillinvestmentgroup, or call us if you’re a Hill Investment Group client and we’ll make it happen.

We talk frequently about the importance of a well-designed estate plan, but equally valuable is your communication with the next generation. In a recent publication from Vanguard, they pointed out three commonly missed factors associated with a successful transfer of wealth:

• Strong communication and a sense of trust among family members
• Thorough preparation of heirs
• A cohesive purpose for family wealth

A family mission statement provides the perfect template for achieving success in these areas. As a start, we encourage you to think about what enduring values around money persist in your family’s history? We have tools and resources to share in the months ahead, but consider this question until next time.