Couples share a general goal of wanting to retire comfortably with a certain lifestyle. Differences between partners often emerge around the best path to get there
. Get exclusive investment industry news and insights, the week’s top headlines, and what you and your clients need to know.found that fighting about money topped infidelity as a reason for divorce. So, how can advisors navigate situations in which partners disagree about their goals and the strategies required to accomplish them?
Ms. Knox puts some ground rules in place for conversations with couples. Each person tells their own story and does their own self-discovery work. The person speaking always gets to finish. Both people must agree to work together. She has a ground rule for herself as well – her job isn’t to try to change anyone.
She also thinks those differences have their origins in each person’s lifetime experiences with money. Ms. Hickmott finds that running models based on different scenarios can help couples understand the pros and cons of different routes toward their goals and find common ground. When there are still disagreements, she may structure the investments in each partner’s account differently – but she continues to build planning, forecasting, and scenario modelling from a consolidated view.
One challenge couples face – something that can be a source of conflict – is that the specifics of retirement have become so varied. Instead of retiring from a full-time job at age 65, couples may be able to choose their retirement date and mix part-time, entrepreneurial, or consulting work with partial retirement. The more choices, the greater the opportunities to disagree. Also, partners may change their minds about what they want, and they’re not always in sync.
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