If you are looking a perfect wedding gift, something a couple could really use, a financial plan could be ideal. A new study has revealed that 62% of married Canadians wish they had spent more time discussing financial matters and future plans with their partner before getting married.
A financial plan may help couples avoid arguments later in the marriage. According to a survey by BMO, finances are a significant source of marital strife: 43% of married Canadians said they have a different investing style than their spouse and 25% said they often have disagreements over financial matters
“Arguments about money can cause serious issues for a marriage. Bringing a third individual into the discussion, such as a financial advisor, can help provide an objective perspective,” said BMO Wealth Planning Group vice president Caroline Dabu. “A financial professional can also provide advice, keep the dialogue focused and work with the both [partners] to develop a financial plan.”
In spite of young couples’ apparent need for advice, some doubt whether they would be a viable target market.
“Here’s the problem with that, they don’t have any money. In our industry we advise wealthy people. To talk to 25-year-old kids who don’t have any money … why would I want to do that? To make that a part of my marketing program would be ridiculous,” said an advisor in Calgary.
However, he added that there could be exceptions. “If I have a client who’s elderly, for example, I would want to have relationships with his children so that when the money passes on to the next generation they’ll consider me being an advisor to them because I served their parent well.”
The study showed that a large number of married couples regretted not having financial discussions before marriage. Among the things couples wished they had addressed before marriage were: establishing emergency funds (28%), short- and long-term financial goals (25%), everyday household finances (24%) and creating a will (19%).
The study also found that engaged couples were slightly more optimistic about their relationship with their partner than married couples.
Only 25% of engaged couples said they often have disagreements over financial matters, compared with 33% of married couples. A whopping 93% of-soon-to be newlyweds said “my partner and I are on same page on how we manage investments and money. Married couples were slightly more jaded, with only 87% saying they were in agreement with their partner on finance.
Are young couples really worth pursuing as clients, or does their limited incomes suggest otherwise? Post your comment.