It is very common for couples to have disagreements about money, in fact arguments about money are one of the leading causes for breakups. Anything related to one’s wealth is stressful in and of itself, and when you add in a partner those stresses tend to increase.
There are many topics to disagree on with money, and can range from a specific one-time expense, to savings amounts, to credit card debt levels, to life insurance levels. Sometimes these differences can be worked out between the couple, but sometimes the two parties cannot come to an accommodation. This is where your financial advisor can be the tie-breaker, and can be a huge benefit in reality to your relationship.
One such case surrounds the costs of housing, and one of the users of our matching application was kind enough to share her story, her name changed for privacy. “Deborah” and her husband are a retired couple with a significant age difference. They have been arguing for quite a long time about the cost of their housing, should they continue to rent or should they buy and in general, how much should they budget for housing? Given their passive income, investment portfolio size and the odds that one of them will far outlive the other, their situation is complex.
They decided to search for a financial advisor to create a financial plan for them, as their current financial advisor manages their portfolio, but is not a financial planner. They also wanted someone who did not know them in an effort to reduce any biases, as the advisor was hired originally by the husband and he maintains the relationship and has very strong opinion about their course of action.
An advisor as a tie-breaker in an important financial decision has much appeal. First, a licensed, credentialed advisor can be a trusted third party, an objective unemotional person to opine on a course of action. Most couples can no longer be objective on an issue if it has been festering for a period of time. Second, the advisor will bring objective facts and research to support their opinion. Most people simply do not have the time or knowledge to do the research to get to a conclusion. Third, the advisor will actually get to a conclusion and make a decision. Couples can procrastinate for long periods of time and that can be costly. Once the advisor comes to a conclusion, will actually push the couple to improve their financial life by implementing the decision. Finally, financial advisors are regulated and governed and that can give great comfort to a couple who are grappling with an important decision.
“Deborah” has spoken with the preferred advisor our system matched to her, and has also talked with her alternates but so far does like her number one advisor best. She said she will keep us posted on she and her husbands progress, but regardless she is relieved she will at least get an expert’s opinion soon on what to do.
Important and stressful financial decisions do not have to be wedge between a couple, especially in these difficult times. A Financial Advisor might be the ideal resource to break a vital decision logjam.
www.MyPerfectFinancialAdvisor.com is the premier matchmaker between investors and advisors using personalized data, proprietary algorithms, and deep industry experience.