Do You Spend Equal Time With Your Clients’ Spouses?

A recent survey by Morgan Stanley Wealth Management found that financial advisors that work with high net worth married couples on collaborating key decisions have a better relationship with both parties.

“The days when most financial decisions in a household were made unilaterally are clearly over, and financial advisors recognize that face,” said Shelley O’Connor, head of Field Management for Morgan Stanley Wealth Management.

“Fully 80% of the couples surveyed said their financial advisor talks with both parties usually when they meet together for an in-person meeting. Helping couples collaborate on important life decisions is a key part of every financial advisor’s value proposition.

Issues of retirement lead the list of subjects that couples discuss and make decisions on jointly, according to the survey.  Couples report that both partners are equally likely to start conversations about these topics:

  • Having enough money to sustain lifestyle after retirement (71%)
  • How to fund retirement (70%)
  • Your spouse’s/partner’s health (67%)
  • Planning for an unexpected serious illness (66%)
  • Helping pay for children/grandchildren’s education (66%)
  • Preserving wealth for heirs (66%)

When you use the Supernova 12-4-2 model and contact your clients monthly you are giving them the opportunity to bring up these topics or you can build them into your agenda. This will create added value for your practice that can lead to referrals.

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