UK: Part 2: Running Your Family Meeting Effectively

Whether you are new to family meetings or have one every year, these guidelines will help ensure your agenda runs smoothly and achieves the goals you have set.

1. Notification of the meeting

The chair of the meeting (who may be a senior family member or a trusted adviser) should draw up a list of attendees. Six weeks before the meeting, the chair should send each of them written notification of the date, time and venue. It's also wise to reconfirm with them by phone a week beforehand; this is also a good moment to circulate the draft agenda and the minutes of the last meeting, if applicable.

2. Including everyone's views

When you circulate the draft agenda, ask people if they have any items to add; this helps everyone feel their views are valued. You should also include an AOB item at the end of the agenda, in case anyone wishes to raise last-minute issues on the day.

3. Length of the meeting

When you send out the notification, tell people how long you expect the meeting to last, to ensure family members can attend for the duration. Advisers may be invited for their particular presentation slots only, which should last between 30 and 45 minutes. If people are travelling from far afield, the meeting should include a lunch; regular refreshment and cigarette breaks (if required) should also be scheduled, to keep minds fresh and focused. As a general rule, people need a break every 90 minutes.

4. Points of etiquette

• Those who cannot attend should give a formal apology to the chair, rather than just failing to show up.
• The meeting should begin on time, even if there are latecomers.
• Mobile phones should be muted and checking of messages restricted to break times.
• Individuals should have the right to request that certain points not be minuted.
• Before the meeting, individuals should have read the minutes of the previous meeting and any reports that have been circulated, so that timings stay on track.

5. Supporting information

Detailed reports from advisers should be circulated around two weeks before the meeting. This ensures they contain up-to-date information while still giving ample time to read them. At the meeting, avoid slideshow presentations – it's generally better to keep people focused inwards around the table rather than staring at a screen. As well as the advisers' reports, it's essential to have reliable documentation to hand summarising the family's current position; Smith & Williamson compiles a comprehensive Blue Book containing individual and combined statements of all the family's assets and liabilities.

6. Efficient chairmanship

The chair of the meeting needs to be experienced at the role. If you choose a family member, make sure they are impartial and skilled enough to keep the meeting on track and not get bogged down in peripheral issues. A sympathetic chair will notice if someone is struggling to understand complex financial or legal information; additional explanations and support can be offered them at a separate meeting, rather than slowing down the entire proceedings.

7. Sharing knowledge

Make sure you include a 'family update' agenda item to catch up on news from each family member. Getting multi-layered communication between your advisers and the whole family is a rare opportunity, enabling you to share information that might otherwise be overlooked. Let your advisers know that young David is moving to LA, or that you have sold your cottages in Cornwall; it may have an unexpected bearing on your family's financial position.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.