Why I ask both spouses to be part of the planning process [video]
/transcript
Many times in a couple, one person ends up taking the lead in the household finances, which is fine. However, both people should be part of the financial planning process and attend meetings, even if it's a once-a-year touch base. If anything happens to the person that takes the lead, the remaining spouse needs to know what the plan has been for all of these years and where you're headed.
People tell me all the time, well, she takes the lead, she's great at it, she enjoys it. If anything happens to her, then I'll just find someone then. But there's a couple things that you're not considering with that.
You are greatly discounting the emotional toll that comes with losing a spouse.
Surviving spouses have told me that after the death of a loved one, they've had trouble getting out of bed in the morning, making coffee, never mind wrapping their head around all of the accounts that they had, the investments, making really important decisions that needed an immediate answer. Finding an advisor now that you both can connect with, that you both trust, that understands your strategy, can be a person you can turn to Day 1 when tragedy strikes.
The lead spouse may appreciate having a sounding board.
Outside of that peace of mind, I also see visible relief when I work with these couples. Even if the person who takes the lead enjoys it, and many times they do, they sometimes feel the weight of everything on their shoulders. It is nice to have someone else who now understands the complexities of their individual situation and just having someone else to bounce ideas off of. And I'm not necessarily referring to just me, also the spouse that has come along with the process - even if they don't understand the details as well - they do now understand the big picture in a completely different way. And I have found that that has also just made both of them feel stronger.
My name is Linda Rogers, Owner of Planning Within Reach.
Linda Rogers, CFP®, EA, MSBA is the owner and founder of Planning Within Reach, LLC (PWR). Originally from New Jersey, Linda services clients throughout San Diego county and nationwide. She leads the design of PWR's investment portfolios which utilize broad, low-cost investments that integrate environmentally, socially, and governance (ESG) factors.
Planning Within Reach, LLC (PWR) is a fee-only and fiduciary wealth management firm offering one-time comprehensive financial planning, ongoing impact-focused investment management and tax preparation services in San Diego and nationwide. PWR is a woman-owned firm that specializes in busy professionals and impact investors. Planning Within Reach, LLC and their advisors do not receive commissions and do not hold any insurance licenses or brokerage relationships.