When we work with couples, we always want to meet them together. The same holds true for elderly or younger clients who feel happier when a trusted person is with them. The more comfortable our clients are, the better the interaction is.
Here are some of the reasons why planning together is better.
Better conversations, better decisions
Working collaboratively always leads to deeper conversations, sometimes tricky ones but always better ones. It is fascinating to watch as they grapple with questions we ask that they may not have considered, never mind discussed. By opening up the conversations, you get many different viewpoints. The outcome of these discussions is a better alignment of goals.
Greater confidence, deeper relationship
Historically our industry deals with the breadwinner in the family. By including the ‘better half’ whether male or female, the breadwinner feels relief in the shared decision-making. The ‘better half’ has comfort in understanding their financial position and input into the plans, or, at the very minimum, knowing who to go to if they have any queries of their own. This is vital, especially in times of separation or the death of a partner.
Investments/pensions aligned with goals
In all our time planning with clients, we have yet to come across a partnership who are fully on the same page regarding their appetite to take investment risk. You may be surprised which gender has a preference for greater risk!! As an adviser, when talking about investment risk with clients with different experiences and tolerance, it ensures we take a lot of time talking about the risk-reward dynamic and linking the need for risk to their joint goals. Better discussions, better understanding. Better understanding leads to better reactions from our clients when the markets are in turmoil.
Financial literacy for the kids
We encourage our clients to get engaged with financial education for their kids, and yes, we mean the kids. The younger the child, the better. We help them teach the kids to understand the value of money using pocket money as an ideal way to educate them on how to manage their finances. In a climate of housing & pension concerns, the more financially resilient your children are, the better.
Estate Planning
Depending on where our clients are in their estate planning journey, we often suggest including the children. This could be introducing the young adults in the family to investing when we show them the benefits of compounding in the gift exemption savings or child benefit savings built up for them by their parents. Or the older children who may get involved in their parent’s legacy wishes. Either scenario brings enormous benefits for the children during the parent’s lifetime.
These are only a few examples where planning together is better. Why not try it out and see for yourself?
