A Strong Relationship with a Wealth Partner Can Help Couples Feel Confident Moving Forward

By Travis Gleason

It is not unusual for couples to divide household responsibilities and focus on their respective strengths. This division of labor, while helpful in many areas of life, can have unexpected consequences related to retirement and estate planning. One person often takes full responsibility for the family’s finances, unintentionally leaving their significant other in the dark. If an unexpected injury or death occurs in this relationship, the surviving individual may experience unnecessary stress from their new financial responsibilities.

At TruNorth Wealth Partners, we believe the best way to help couples feel confident about their family’s future is to have them both engage in the planning process from the very beginning. We encourage couples to work together with their Wealth Partner when making decisions about investments, retirement, budgeting, and determining the type of legacy they want to leave for the next generation. Even if one person feels more comfortable taking the lead as the Family Chief Financial Officer (CFO), it is important that both individuals in the couple are aware of how each key decision supports their big picture goals.

Investing this time upfront helps ensure that the Wealth Partner understands each individual’s goals, preferences, and risk tolerance. Creating this trusting relationship now provides continuity later in life for the surviving individual. It also gives couples peace of mind knowing someone else understands the details of their financial life in the confines of professional confidentiality. If a surviving significant other wants to maintain a more hands-off approach to investment and wealth planning decisions, they can be confident that the Wealth Partner will continue with the plan established with the Family CFO.

A couple should be reassured that their Wealth Partner’s insights into their family dynamics, concerns, and preferences will help as they implement the couple’s vision. A comprehensive Wealth Partner will also serve as the family’s advocate, working with the couple’s other supporting professionals such as brokers, accountants, and attorneys.

We encourage you to work with a Wealth Partner who builds strong relationships with both you and your significant other, ensuring that whatever happens, the survivor will have the support and confidence to move forward with their life and finances. When selecting a Wealth Partner, find one who strongly recommends meeting with both of you together. Even if you have designated a Family CFO to make the financial decisions, the benefits of meeting with both individuals in a couple now outweighs any inconvenience in scheduling.

You and your significant other may benefit from having someone on your team who understands your overall financial picture, retirement and savings goals, risk tolerance, and lifestyle, as well as how all those aspects fit together. Your Wealth Partner can be a valuable resource for your family, facilitating smooth transitions through all of life’s changes.

Contact us if you would like to learn more about how we can help you wherever life and wealth intersect.

Note: This report is intended for the exclusive use of clients or prospective clients of TruNorth Wealth Partners. Content is privileged and confidential. Any dissemination or distribution is strictly prohibited. Information has been obtained from a variety of sources believed to be reliable though not independently verified. Any forecast represent future expectations and actual returns, volatilities and correlations will differ from forecasts. Past performance does not indicate future performance. The information presented does not represent a specific investment recommendation. Please consult with your advisor, attorney and accountant, as appropriate, regarding specific advice.