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Collaboration: Wealthy Couples who Make Financial Planning Decisions Know the “C” Word

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There are many benefits to establishing a good line of communication between couples, and being financially more secure is one of them. Most incompatibility issues between couples often are compounded by a lack of communication. It seems that many wealthy American couples have figured that out; nearly seven out of every 10 collaborate on their financial planning decisions, according to a study by Morgan Stanley Wealth Management.

What are Wealthy Couples Doing to Collaborate Financially?


The study, which focused on couples with a net worth of $100,000 or more, found that 66 percent were looking at their retirement and making financial planning decisions together instead of letting just one of the pair make all the decisions. A researcher with the company said the days when only one partner made all the decisions regarding finances is a bygone era.

The study found that 80 percent of those surveyed said their financial advisor was in touch with both partners instead of choosing just one to contact about investment planning. In fact, couples make it easy on the advisor as most said they visit their advisor together. Researchers also said it appears advisors are making it a priority to schedule their consultations when both partners are available.

When couples meet with their advisor, it’s retirement that gets the bulk of the attention. Couples want to talk about and plan having enough money in retirement to enjoy their lives when their careers are completed. The study shows they also want to talk about finances related to health, planning for sudden and serious illness, paying for their grandchildren’s education and seeing their wealth extend into the next generations.

Planning for retirement isn’t something most couples can do alone. They need the assistance of an
investment advisor because there are far too many speed bumps that can put a hitch in the seemingly well-laid plans. Advisors are expertly-trained to handle an assortment of financial topics that can be frustrating for many and slow down progress.
 
After a career of working hard for your savings and your investments, you want them in places where they can do the most good for you. A fee-only investment advisor could be a great option for you and your family. Fee -only advisors don’t work on commission, which means they won’t offer you products you don’t need, and they can take the time to really find out about your individual plans.

At
Family Investment Center, we are a team of fee-only advisors who can work with your assets and help you with a retirement plan. We will walk you through your options and explain the tools that can help you make more confident decisions regarding your financial future. Contact us today and let’s see how a collaborative spirit could open new doors for your future.

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