Advisers helping clients talk to their children about money

More than 12​ years ago, Thomas Henske began mulling over a complaint he frequently heard from clients: Their kids thought money grew on trees.

As he considered the common frustration, he realized it presented an opportunity to better serve clients.

“As part of trying to build relationships with clients, and knowing their favorite topic was their kids, we wondered if there was a way to help them teach their kids about money and keep it in the forefront of their minds,” Mr. Henske said.

The idea evolved into Lenox Money-Smart Kids. Through the firm’s website, any parent can access a variety of free resources to help educate their child with age-appropriate lessons, such as teaching a kindergartner about the value of coins or helping a new teen driver understand car loans.

“A 6-year-old has a different way of learning about money than a 16-year-old,” Mr. Henske said. “We’re not trying to make Warren Buffetts out of the kids, but instead trying to give them a way to feel comfortable around money when they’re older and making decisions on their own.”

Clients also can receive emails (if they opt in) on their children’s birthdays with bite-size financial lessons geared toward the new age.

The basic idea is to give parents the tools to broach money topics with their kids themselves.

“We didn’t want to be the ones working with the kids,” Mr. Henske said. “We wanted to arm our clients so they can be the ones having discussions with their kids and having those conversations be important.”

His push to increase financial literacy among children also led to a biweekly column over the last five years in his community newspaper, the Westport (Connecticut) News. With two children of his own, Mr. Henske was in a position to see firsthand what sorts of tactics worked best at different ages for teaching financial concepts and the planning issues with which parents often dealt.

Mr. Henske said that while the literacy program might not lead to his clients’ kids hiring him — several decades could pass before they have assets — it has led to better client relationships and helps with client retention.

— Sarah O’Brien, freelance writer