Fidelity Investments has released Aligning Couples and Retaining Business, a new guide to help advisors engage in effective conversations with couples approaching retirement.

The guide is based upon company research that found that only half of couples (48 percent) who work with financial advisors are making retirement decisions jointly. It includes tools and techniques to help financial advisors overcome the challenges they confront when working with couples approaching or living in retirement, which, according to the research, include several areas of disagreement:

* Nearly half of couples (47 percent) approaching retirement don't agree on whether they will continue to work in retirement.

* One in five couples (21 percent) either do not agree, or do not know, where they plan to live in retirement.

* More than half of couples (53 percent) approaching retirement don't agree on their expected retirement ages.

Fidelity also found that only 38 percent of couples interact jointly with their advisors and, in those cases where there is a primary contact, more often that person is the husband (34 percent) rather than the wife (12 percent).

Larry Sinsimer, senior vice president, practice management for Fidelity Financial Advisor Solutions, said engaging couples jointly is not only important in designing successful retirement plans, but it's also critical to maintaining that couple's business for the long-term. "Seventy percent of widows end up leaving the family advisor within a year of a husband's death -- this is a statistic that advisors have the power to change," he said.

The 2011 Fidelity Investments Couples Retirement Study analyzed retirement expectations and preparedness among 648 married couples (1,296 individuals). Respondents were required to be at least 46 years old, married and living with their respective spouses and have a minimum household income of $75,000 or at least $100,000 in investable assets.

Data used in this guide reflected the responses of 185 couples who work with a financial advisor. Retired couples are defined as both spouses being retired from their primary occupations, even if they continue to work in retirement. Fidelity Investments was not identified as the sponsor. Richard Day Research Inc., an independent research firm, executed the study, which was fielded in May 2011.

The new guide provides specific strategies to help ensure couples are aligned in their retirement plans.

For example:

To resolve a conflict over what retirement looks like. Advisors can ask targeted lifestyle questions and compare responses -- Will you live close to children/grandchildren? How do you plan to fill your days: working (full- or part-time), volunteering, pursuing an activity? How do you see travel fitting into your retirement?
To eliminate confusion surrounding specific plans. Advisors can spell out the needs and wishes of both individuals and discuss the retirement plan within the context of lifestyle realities -- not market returns and investment results.
To manage unbalanced involvement. Advisors can meet with spouses separately and have each complete an investor profile questionnaire and risk tolerance questionnaire, re-group with the couple to discuss individual responses together, and actively engage the less-involved member of the couple.
To clear up misunderstandings surrounding involvement of adult children. Advisors can recommend that couples invite their adult children to participate in the couples' periodic meetings with them and offer their expertise and assistance with any of the adult children's financial matters.

The Fidelity Retirement Redefined insights series, which include the new guide, are available at www.advisor.fidelity.com/retirementincome. Advisors also can contact their Fidelity representative for more information about the insight series and tools to help them with retirement income planning.

Boston-based financial services firm Fidelity Investments has $3.4 trillion assets under administration, including managed assets of $1.5 trillion, as of Nov. 30.