By Kathleen Longo on July 21, 2016
Studies show that 70 percent of women will leave their financial advisor after a major life change, such as the death of a spouse or divorce. Major life transitions bring enough stress and emotion without adding the need to find a new financial advisor or to master your finances. As women also generally outlive men, this longer life expectancy means you will at some point likely require financial counsel.
If your needs are not being met, then it might be time to reconsider your relationship with your financial advisor now, before it’s a decision you have to make amid a major life upheaval. Here are some steps you can take to help ensure that your relationship with your advisor is fruitful and fulfilling, along with some key attributes to seek in a potential replacement.
Steps to take now
Most marriages incorporate some division of duties. Often one spouse or the other will take the lead on various responsibilities, like bill-paying, household tasks or family scheduling. But both spouses need a certain level of awareness surrounding their finances. It is also important for each spouse to be involved in all major financial decisions. As couples, we need to have conversations about our goals and thoughts for the future.