By Bryan Trugman, CFPⓇ
Love, commitment, and shared aspirations are the backbone of marital bliss. But what about financial harmony? Money talks often spark fiery debates and strain in relationships, with financial clashes topping the list of marital hurdles. So, can a financial advisor be the secret sauce for a stronger, more enduring marriage? In this piece, we dive into how tapping into the guidance of a financial advisor can amp up the spark in your relationship by cultivating financial alignment, encouraging candid conversations, and setting mutual financial goals.
The Impact of Financial Stress on Marriage
Before diving into the role of a financial advisor, let’s first understand the significance of financial stress in marriages. Money-related disputes can range from minor disagreements about spending habits to major conflicts involving debt, savings, and long-term financial goals. The stress stemming from these issues can erode trust, communication, and overall marital satisfaction. A study by Ramsey Solutions found that money problems are the second leading cause of divorce, highlighting the profound impact of financial stress on relationships.
The Role of a Financial Advisor
This is where a financial advisor can step in to support the health and connection of a marriage. The benefit of this third-party position is that an experienced professional can act as a bridge between financial goals and marital harmony. Advisors bring a wealth of skill and knowledge to the table, helping couples navigate the complexities of finance. Their role extends beyond mere number-crunching because they can foster open communication, mediate conflicts, and make sure both partners are on the same page financially. By guiding the couple in the creation of shared financial goals and strategies, a financial advisor can empower both spouses to make informed financial decisions that align with their shared dreams and aspirations. Let’s break down some of the specific ways an advisor can be that connecting bridge.
Financial Compatibility Assessment
One role of a financial advisor is to assess the financial compatibility of a couple. This involves a thoughtful analysis of each partner’s financial situation, including income, debts, assets, and spending habits. By gaining a holistic view of the couple’s finances, an advisor can identify potential areas of conflict and begin the work toward amicable resolutions.
Facilitating Open Communication
Effective communication is vital in any marriage, especially when it comes to money matters. A financial advisor can often serve as a neutral third party, creating a safe space for couples to openly discuss their financial concerns, goals, and expectations. This dialogue can lead to a greater understanding of one another’s wishes while coming to compromises through differences that arise.
Creating Shared Financial Goals
Having a financial advisor on your team can help couples establish common financial objectives that align with their shared life vision. Whether it’s saving for a home, planning for children’s education, or preparing for retirement, setting joint financial goals in the company of an advisor encourages collaboration and unity in financial decision-making.
Budgeting and Financial Planning
Developing a comprehensive budget and long-term financial plan is a key service offered by advisors and wealth managers. These tools provide couples with a structured framework for managing their finances, tracking expenses, and working toward their financial goals together. A well-crafted budget and financial plan serve as road maps to financial success, helping couples allocate resources efficiently while prioritizing what matters most to their relationship.
Conflict Resolution
When the inevitable financial conflicts arise between two people, an advisor can step in as a mediator, helping couples find solutions that satisfy both parties. Their experience in financial matters can guide couples toward compromises that promote financial stability while preserving harmony in the relationship.
Get Support Today
Though a financial advisor can’t guarantee marital happiness, their advice and support can significantly reduce financial stress and strengthen the bond between couples.
At Attitude Financial Advisors, we guide our clients in assessing their financial compatibility and setting shared goals, fostering a healthier, happier marriage where both individuals are aligned. While we believe love, commitment, and financial unity are essential for marital happiness, we also understand the importance of a neutral, experienced third party in resolving financial conflicts.
If you’re seeking this type of support, whether you’re an individual or a couple, we’re here to help. Reach out to me via email at btrugman@attitudefinancial.com or give me a call at (516) 762-7603 to set up a free consultation.
About Bryan
Bryan Trugman is managing partner, co-founder, and a CERTIFIED FINANCIAL PLANNER™ practitioner at Attitude Financial Advisors. With more than 16 years of experience, Bryan specializes in addressing the financial needs of new parents as they seek to realign their finances, assisting divorced individuals as they navigate an unforeseen fork in the road, and strategizing with those seeking to accrue a dependable retirement nest egg. Bryan is known for being a good listener and building strong relationships with his clients so he can help them develop a customized financial plan based on what’s important to them. He is passionate about helping his clients experience financial confidence so they can worry less and play more. Bryan has a bachelor’s degree in industrial and systems engineering with a minor in mathematics from State University of New York at Binghamton. He has served on the board of the Financial Planning Association and continues to be actively involved in the national organization. He is also a member of the Plainview-Old Bethpage Chamber of Commerce and has served as its vice president and as a board member. When he’s not working, you can find Bryan on the ballroom dance floor or engaged in a fast-paced game of doubles on the tennis court. To learn more about Bryan, connect with him on LinkedIn. Or, watch his latest webinar on: How Much Is Enough? A Surprisingly Simple Way to Calculate Your Retirement Savings Needs.
