We study the physics of spontaneously broken family symmetries acting on the third generation. Massless familons (or Majorons) $f$ associated with such broken symmetries are motivated especially by cosmological scenarios with decaying tau neutrinos. We first note that, in marked contrast with the case for the first two generations, constraints on third generation familon couplings are poor, and are, in fact, non-existent at present in the hadronic sector. We derive new bounds from $B^0$--$\bar{B}^0$ mixing, $B^0 \to l^+ l'^-$, $b\to s\nu\bar{\nu}$, and astrophysics. The resulting constraints on familon decay constants are still much weaker than those for the first and second generation. We then discuss the promising prospects for significant improvements from searches for $\tau\to l f$, $B\to (\pi, K) f$, and $b\to (d,s) f$ with the current CLEO, ARGUS, and LEP data. Finally, we note that future constraints from CLEO III and the $B$ factories will probe decay constants beyond 10^8 GeV, well within regions of parameter space favored by proposed scenarios in neutrino cosmology.
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