For a Family Bank to be successful, the family has to be engaged and bought into the concept. This requires strategic conversations with family members to anticipate and alleviate concerns. Family Bank Founders may be faced with these common concerns.

1. Changes to the will/inheritance

Family members may have strong feelings such as anger or shock when they receive the news that they will not be receiving the inheritance they may have been expecting.

2. Confusion about the Family Bank concept

Family Banks are not something that the average person is likely to know about. Family members will need time and information to grasp what a Family Bank is and how the bank could benefit them.

3. Disinterest in the bank or “how will it help me?”

Some family members will not instantly see the value of the bank. They may not be in a position to need a loan or prefer other financing options but they may be swayed when they learn of the bank’s ability to offer low interest rates and low risk of borrowing from a Family Bank.