Michael Wagner Discusses the Importance of Financial Conversations with The New York Times

Talking about money can be uncomfortable for wealthy families. As a result, many may avoid these types of conversations altogether – but when it comes to wealth, silence is rarely golden. Even the most difficult and honest financial discussions among family members almost always lead to better outcomes than outright avoidance. More often than not, the wealthy families who remain silent about money drift apart, while those who actively participate in these conversations thrive.

One way some family members (particularly next gen family members) avoid financial conversations is by substituting it with philanthropic endeavors. However, this can result in poor charitable decisions. For further insight on the importance of financial conversations and the negative effects of using charitable giving to avoid them, The New York Times recently spoke with Omnia Family Wealth Co-Founder and Chief Operating Officer Michael Wagner.

“People think about poor investments and bad business decisions, but I often see the next gen wanting to gift themselves into poverty,” explains Wagner. “They see all these natural disasters and end up giving away a lot more than they thought they were. Having a rein on philanthropy, putting some structure around it, gives them decision-making framework.”

To learn more about the importance of financial conversations, read the entire article from The New York Times here.

Have Questions for An Advisor?

This field is for validation purposes and should be left unchanged.

RELATED ARTICLES

COO Michael Wagner of Omnia Family Wealth Featured in U.S. News & World Report

COO Michael Wagner of Omnia Family Wealth Featured in U.S. News & World Report

Read More
Omnia Family Wealth Featured in Citywire

Omnia Family Wealth Featured in Citywire

Read More
Omnia Family Wealth’s COO Michael Wagner Shares Insights in U.S. News & World Report

Omnia Family Wealth’s COO Michael Wagner Shares Insights in U.S. News & World Report

Read More
Omnia Family Wealth Recognized Among America’s Top RIAs of 2024

Omnia Family Wealth Recognized Among America’s Top RIAs of 2024

Read More
Omnia Family Wealth Featured in Family Wealth Report Awards – Acclaim 2024

Omnia Family Wealth Featured in Family Wealth Report Awards – Acclaim 2024

Read More
Michael Wagner Wins Rising Star Under 40 award at the 2024 Family Wealth Report Awards

Michael Wagner Wins Rising Star Under 40 award at the 2024 Family Wealth Report Awards

Read More
Deep Tech Renaissance

Deep Tech Renaissance

Read More
Michael Wagner in U.S. News & World Report: Biotech ETFs

Michael Wagner in U.S. News & World Report: Biotech ETFs

Read More
Omnia Family Wealth Recognized as a Finalist for the 2024 Family Wealth Report Awards

Omnia Family Wealth Recognized as a Finalist for the 2024 Family Wealth Report Awards

Read More
©2025 Omnia Family Wealth, All Rights Reserved.