Financial advisors face a serious communications problem that could cost them clients when they deal with only one person in a couple, a new study by TIAA-CREF says.

Advisors are putting their businesses at risk when a partner dies or a relationship ends if the advisor has not established good communications with the survivor, according to the TIAA-CREF's Asset Management Survey released Thursday. The study examined the intentions and actions of both married and unmarried couples with regard to communicating about their finances.

Couples account for over half of a typical financial advisor’s client base, yet 44 percent of couples assign just one partner to handle their advisor relationships, the study says. Seventy percent of women leave their advisor within one year of being widowed.

“The ‘couples conundrum’ translates into real risks for financial advisors,” says Jennifer Pedigo, managing director and head of institutional business development at TIAA-CREF Asset Management.  “Despite their best efforts to work with both members of a couple, advisors often do not have adequate insights into the remaining spouse to serve him or her as effectively as possible in the event of a major life transition. It’s critical that advisors are able to make a real connection with both partners.”

Sixty percent of those surveyed say one partner makes the financial decisions and 41 percent say only one partner decided who to hire as an advisor.

“Advisors should start by explaining at the annual review that it is important for both partners to understand finances and to know who to contact in case of an emergency,” says Pedigo.

“If one partner does not want to be involved in financial decisions, the advisor can still invite both people to social events and get to know both people,” she adds.

There is also a gender gap in finances, the study shows. Male respondents are much more likely to view themselves as the primary financial decision makers (62 percent versus 43 percent) and twice as likely as female respondents to say they are more knowledgeable about financial decisions than their partners (78 percent versus 37 percent).

Younger investors are more likely to say they share the same vision for their investment portfolio as their significant others: 58 percent of Generation Y (ages approximately 21 to 36) say they have the same vision, compared to 37 percent of Gen X  (ages 37 to 50) and 20 percent of baby boomers.

And yet the younger investors are less likely to make financial decisions jointly (18 percent of generation Y) than baby boomers (44 percent).

To help advisors deal with this problem, TIAA-CREF has created Get Closer: Solving the Couples Conundrum, a practice management program designed to help advisors market to both people in a couple. The program, which is available to all advisors and the public, includes interactive tools and educational material. The program is available at www.tiaa-cref.org/couples.

The survey included 500 people who were part of a couple with at least $100,000 in investable assets and who work with a financial advisor.