Ron and Suzzette would say they're happy with their respective roles. "Our roles fit our skills, interests and the demands of the business," says Suzzette. And yet they can step in for each other as needed.
Which leads to the conclusion that married couples running advisory firms are basing their roles more on talent than tradition. "The important thing," says Suzzette Rutherford, "is for couples to find out what their strengths are, so all responsibilities are accounted for and things don't fall through the cracks." This sounds more like the goals any partners would have for their firm, married or not. Partnerships between unrelated parties require complementary skills and interests, and all three of our married couples demonstrate this as well.
And yet, there may be an advantage to being married and in business. Says Lew Altfest, "I think financial planning lends itself to couples working together. It's hard to find [a partner] in this business whom you can trust and respect. Many nonmarriage partnerships don't work out. So bringing in your spouse can make a lot of sense."
David J. Drucker, MBA, CFP ([email protected]), a fee-only financial advisor since 1981, is editor of the Virtual Office News monthly newsletter (www.virtualofficenews.com) and a principal in Practice Merger Consultants Ltd. (www.practicemergers.com).