{"id":9314,"date":"2024-02-29T08:00:37","date_gmt":"2024-02-29T08:00:37","guid":{"rendered":"https:\/\/emoneyadvisor.com\/blog\/?post_type=thought_leadership&p=9314"},"modified":"2024-02-26T14:06:03","modified_gmt":"2024-02-26T14:06:03","slug":"4-money-tips-for-couples-from-advisors","status":"publish","type":"thought_leadership","link":"https:\/\/emoneyadvisor.com\/blog\/4-money-tips-for-couples-from-advisors\/","title":{"rendered":"4 Money Tips for Couples from Advisors"},"content":{"rendered":"

Refining how you approach financial planning for couples is a smart move. Money can be a sensitive topic in any relationship. Nearly 1 in 5 couples say money is their most acute relationship challenge, and oftentimes these types of clients are looking to you for solutions.1<\/sup><\/p>\n

Fortunately, advisors have discovered reliable ways to open the lines of communication and get clients on the same page. Here are four strategies you can suggest to couples seeking financial harmony, sourced from financial planners:<\/p>\n

1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Getting \u201cFinancially Naked\u201d with Each Other | <\/strong>Meredith Moore<\/strong><\/a>:<\/strong><\/h2>\n

\u201cIt\u2019s so important that both partners have a truly honest conversation about each other\u2019s income, expenses, assets, and debts. Ideally, it\u2019s done without judgment. This allows both partners to share what they make and what they spend without secrets. Without transparency, trust breaks down, and it\u2019s difficult to move toward a shared financial future.\u201d<\/p>\n

2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Setting Monthly Money Dates | <\/strong>Stephanie Bucko and Cristina Livadary<\/strong><\/a>:<\/strong><\/h2>\n

\u201cSuccessful money dates help people grow closer to one another, learn things about themselves, and make space for vulnerability, curiosity, and whatever other emotions might accompany those feelings. But when it comes down to it, money conversations do run the risk of provoking negative thoughts and difficult emotions. You\u2019ll want to set rules to make these dates as safe as possible: allow each other to admit failures, to ask questions, and ask for critique. Do not judge or criticize during these conversations.\u201d<\/p>\n

3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Creating Financial Autonomy | <\/strong>Eric Roberge<\/strong><\/a>:<\/strong><\/h2>\n

\u201cIf you don\u2019t want to merge everything together and hold everything jointly \u2026 use a bucketing strategy. You can have \u2018ours, mine, and yours\u2019 accounts. Keep a joint checking account that you each contribute a certain amount of money to each month and pay shared expenses from\/contribute to jointly held goals or investment accounts with. Then you each have your own personal checking accounts (where your pay is deposited), and once you make your agreed-upon contribution to the joint account, you can both do whatever you want with the money remaining in your individual accounts.<\/p>\n

This can provide some more freedom and a sense of autonomy for couples who have really different money management styles, while still syncing up on both joint expenses and joint investments or savings.\u201d<\/p>\n

(Learn more about Beyond Your Hammock’s unique approach to serving clients in this case study<\/a>.)<\/p>\n

4.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Trying Out Financial Therapy | <\/strong>Hilary Hendershott<\/strong><\/a>:<\/strong><\/h2>\n

\u201cFor money communication issues, the solution that works best for many of our clients who are in a financial partnership is financial therapy.<\/p>\n

Financial therapy focuses on you and your partner\u2019s beliefs, behaviors, and relationship dynamics around money\u2026 and all in a safe, non-judgmental space. When financial therapy is done the right way, it helps nurture the conversation so you and the most important person in your life can see what each other is saying. The ultimate goal is to bring awareness and empower both of you to adopt a more compassionate, honest perspective with love when it comes to money.\u201d<\/p>\n

Helping Couples Talk About Money<\/strong><\/h2>\n

By transforming those sometimes-dreaded money conversations into opportunities for connection, growth, and achieving shared goals, you can make a significant difference in the lives of clients. It starts with gaining a deeper understanding of the individuals you serve and tailoring your approach.<\/p>\n

New Resources to Explore<\/h2>\n

Taking personalization to the next level is a best practice for top advisors. Recent eMoney research shows that one of the top five most important actions you can take is to learn about your clients\u2019 money behaviors and attitudes to deliver on this.2<\/sup> Explore the other four impactful financial psychology actions in our newest eBook, The New Value Proposition for Advisors<\/a>.<\/p>\n

If one of the couples in your practice is locked in a cycle of conflict, you\u2019ll also want to check out our Candid Conversations: Couples, Money, and Conflict<\/a> guide. Within its pages, we\u2019ve curated the insights of experts in financial therapy on how to handle conflict with care.<\/p>\n

Sources:<\/p>\n

1. Fidelity Investments,<\/em> \u201c2021 Couples & Money Study,\u201d July 2021.<\/p>\n

2. eMoney Beyond the Plan Research, July 2023, n=504 advisors, n=1,003 end-client investors.<\/p>\n

 <\/p>\n

DISCLAIMER: The eMoney Advisor Blog is meant as an educational and informative resource for financial professionals and individuals alike. It is not meant to be, and should not be taken as financial, legal, tax or other professional advice. Those seeking professional advice may do so by consulting with a professional advisor. eMoney Advisor will not be liable for any actions you may take based on the content of this blog.<\/p>\n

The views and opinions expressed by this blog post guest are solely those of the guest and do not necessarily reflect the opinions of eMoney Advisor, LLC. eMoney Advisor is not responsible for the content, views or opinions presented by our guest, nor may eMoney Advisor be held liable for any actions taken by you based on the content, views or opinions of the guest.<\/p>\n","protected":false},"author":98,"featured_media":9315,"template":"","thought_leadership_cat":[97],"class_list":["post-9314","thought_leadership","type-thought_leadership","status-publish","has-post-thumbnail","hentry","thought_leadership_cat-financial-psychology"],"acf":{"left_sidebar_ads":false,"right_sidebar_ads":false},"yoast_head":"\n4 Money Tips for Couples from Advisors<\/title>\n<meta name=\"description\" content=\"Top advisors share five financial planning strategies for couples. 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