Of the 60 million married couples in the US, it’s unlikely that any fell in love over a shared investment risk tolerance. It’s far more likely that at least some money conversations are tense, unproductive, stressful or unfold with the grace of two bulls in a china shop. Couples meeting with an advisor for the first time may expect them to untangle years of financial disagreements and emotional baggage, in addition to developing a long-term investment strategy. It’s no wonder, then, why advisors sometimes feel more like a marriage therapist than a financial advisor.
The way advisors work with married couples requires a little more finesse and attention than working with someone one-on-one. In the past, advisors typically had discussions with one spouse, the man. At the time, spousal roles and responsibilities were often clearly delineated and financial decision-making was the husband’s domain. Today, couples are more likely to share responsibilities and want to make decisions together. Thus, advisors need to engage with both spouses and create an environment that positions the couple for success.
Use the following best practices to elevate the experience for your married clients.
The first step to foster a balanced relationship with a couple is, oddly, treating them as individuals. These suggestions may appear small but, when only one spouse receives the communications, the other may notice, and those small slights may grow into bigger dissatisfactions over time.
Recently, a colleague told me about the first meeting she and her husband had with their financial advisor. Although she works in financial services, her husband tends to dominate investing conversations. Their advisor started the meeting by saying, “You are both breadwinners, you both contribute to your financial future, and you both need to feel confident about and involved in making the decisions.” This statement simultaneously empowered my colleague and gently reminded her husband that this was a joint venture. Here are three tips for involving both spouses:
Communicating with both spouses at the same time brings its own set of challenges. Achieving success may require using all the communication strategies in your arsenal.
For many couples, the ability to openly discuss their hopes, fears and goals about their financial future can bring them closer to each other. What’s more, being able to envision that future can instill a sense of excitement, security and empowerment. Your clients will recognize and appreciate the role that you play in helping them achieve their goals both financially and emotionally.
Ultimately, on the drive home your clients will talk about one thing: you. Their feelings about you and how you treated both of them may override your portfolio suggestions. By incorporating these best practices you position yourself as a true partner to both of them and demonstrate a strong commitment to their success.
What are other best practices for working with married clients?
This post was originally published in June 2016.
The views expressed in this article are only those of the author and are not necessarily the views of Franklin Templeton Investments and should not be considered investment advice or recommendations to invest in any security or adopt any investment strategy.
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