If you were widowed, would you fire your husband’s financial advisor?
According to an article in Financial Advisor magazine,
Surviving spouses — statistically, wives — have a habit of firing financial advisors. Most sources peg the rate at about 50%, but the advisor-education website says the rate is closer to 70% if you wait a few years for the penny to drop.
Why is that? It seems that most advisors have an “unbalanced advisor-client relationship.” That means the advisor focuses on the half of the couple that seems to be more financially savvy. This results in the surviving spouse, often the wife, not really thinking that the advisor is “her” advisor.
The article goes on to suggest that the advisor “provide basic, nuts-and-bolts financial advice to the surviving spouse.”
That’s why when our clients lose a spouse, we rarely lose the survivor. They know that we focus on the family and the surviving widow trust us to take care of her. In fact, we often find that when both husband and wife have passed on, the children come to us to manage their affairs.
For a personally autographed copy of both books, or more information on how we can help you, contact us.