Dana Hanson, a founding principal and the chief planning strategist at Relyea Zuckerberg Hanson, has a similar practice. She discovered that one of the best planning opportunities to engage the wife happens at preretirement. Her approach includes a mix of coaching and guidance that is never short on tough questions.
Hanson asks her married male clients questions like, “How much golf can you play before you’re bored?” and “How much time do you plan to spend with the grandchildren?” She asks her female married clients equally pointed questions such as, “What’s your vision of life now that you are both at home?” and “How are you going to fill your day with your husband?” These lifestyle questions naturally lead to important conversations about the time and money clients plan to dedicate now and into the future to their life together -- as well as their plans for their children, grandchildren and charity.
How to get started: Begin by asking your married clients open-ended questions that addresses their emotions. Whether your questions are about hopes, fears, dreams or wishes for their children or grandchildren, consider directing those questions to the wife first so that she’s not biased by her husband’s responses.
Then ask the husband these same questions. You can use this opportunity not only to act as coach to help the couple find a common ground, but also to develop a financial plan and investment strategy that’s truly customized to their needs.
By involving both spouses in all planning, financial advisors can serve as the bridge to ensure both spouses are engaged and prepared. When you serve as a trusted partner in difficult conversations, each spouse will build the skills and ability to manage financially at the point the other passes on -- and this will ensure that your client relationship endures.
Jylanne Dunne is senior vice president, practice management and consulting, at Fidelity Institutional Wealth Services.