Key Private Bank, the wealth management arm of KeyCorp, released the results of its latest advisor poll, which surveyed 160 of its client-facing advisors on the ways second- and third-generation high-net-worth individuals are involved and engaged in family financial conversations and planning.

The poll found that financial transparency is a priority, and more often, Millennials are driving financial conversations. The majority (82 percent) of advisors note financial transparency as critical to raising financially independent adult children, and more than one-third (36 percent) of advisors are seeing adult children being more proactive than their parents when it comes to initiating family finance conversations.

Over the past five years, half (50 percent) of advisors have seen increases in financial transparency, with most family financial conversations occurring on an annual basis (77 percent). However, only 5 percent of advisors say these conversations happen more frequently, and 18 percent say they never happen at all.

"By studying our advisors, we gain vital insight that allows us to be thoughtful and purposeful about meeting our clients' family financial needs," said Terry Jenkins, President of Key Private Bank. "With most family financial conversations only happening once per year, families can seek guidance from their advisors on being more deliberate in cross-generational financial conversations, provided Millennials' clear appetite for more frequent money talks."

Advisors say that when it comes to family financial conversations, the top factors that parents often overlook are consistency of discussions (73 percent), active engagement (67 percent) and transparency (65 percent). Having witnessed firsthand financial conversations between first-generation HNW parents and their children, advisors recommend parents devote more time to educating younger generations about managing money (63 percent), informing younger generations about caregiving preferences (60 percent) and offering financial transparency to adult children (58 percent).

The poll also found that instilling work ethic in second- and third-generation HNW individuals is a priority among many advisors' clients (93 percent). Mandating a part-time job was found to be the most effective approach to doing so (26 percent), followed by setting a budget for spending (18 percent) and providing an allowance in exchange for household chores (18 percent).

"Instilling work ethic and financial transparency in younger generations starts with a solid financial education," said Veena Khanna, Director of Strategy Key Private Bank. "Only 32 percent of financial conversations start when children are in elementary school at ages 5-13. Families have the opportunity to work with their advisors to create a financial education plan that starts early, positively impacting children's understanding of work ethic and the value of money."

When it comes to gender, the poll found a difference between family financial topics that resonate most with male and female children. While male children are more likely to be involved with investment decisions (90 percent) and taxes (84 percent), female children are more likely to be involved with charitable giving (89 percent) and travel planning (86 percent). Advisors who are aware of this difference can provide increased value by helping parents push their children outside of their financial comfort zone.