We’ve seen it many times: your life is busy – you manage complex investments for a living. For many investment professionals it makes sense to take sole responsibility for the family’s wealth planning, you’re best placed to understand the jargon and streamline the process.
While, on the face of it, this may seem the most logical and efficient division of responsibilities, it underestimates the value of involving your life partner in your wealth management decisions.
Here’s why:
01 It’s not just about the numbers
Structuring your family’s investments is only one aspect of your wealth management strategy. Planning for your future goes beyond focusing on returns and deciding what your allocation to equities versus bonds should be. It’s crucial that you and your partner make the major strategic decisions together that will determine your legacy. This includes matters such as gifting assets to your children, whether a trust would be appropriate for your family’s needs and implementing philanthropic considerations.
02 You will achieve more if you work together
You are much more likely to reach your family’s long-term objectives if both you and your spouse buy into the wealth strategy. You can work towards your goals more efficiently if you combine your strengths and respective areas of expertise. With both of you signing off on the plan, it is also easier to make any sacrifices needed to ensure you stay on track with your strategy.
03 Ensure continuity if something happens to you
Should you become incapacitated (or worse), your partner needs to have peace of mind about the family’s financial future at a time of emotional turmoil. Involving them early on ensures your partner understands the wealth strategy and knows where the assets are – and the tax and legal implications of having assets in multiple accounts, structures or even multiple jurisdictions. It also gives them sight of how the wealth is structured and whether there are restrictions on any of the assets. Importantly, your partner will have the opportunity to build a relationship with your advisers and understand exactly how they can help, ensuring continuity of your strategy for the benefit of your family.
Bringing your partner to your meetings with your wealth manager – and having regular discussions about your future and any changes in your priorities or objectives – gives you a greater chance of success.
At London & Capital we’re experienced in helping investment professionals looking to implement their wealth management strategy, if you’re interested in having a conversation, get in touch using the contact form here.
