How small talk can reveal planning opportunities

In the first 10 minutes of a meeting,your client says:

I’m in shock. My son is visiting us this week, and guess what? He’s getting married next year!

At that moment

• Congratulate your client and ask if the son and his partner have set a date. Ask if they have family traditions and what the celebration might be like.
• Gently find out why your client is shocked—did he think his son would never marry? Does your client dislike the partner?

Later in the meeting

• Ask your client if the pair have discussed their financial priorities and how they will blend their finances. Offer to give them a consultation.
• If your client is interested in gifting the son money or paying for part of the wedding, help evaluate his options.
• Discuss whether he wants the son’s spouse to have access to the gift and to what extent.

13,383,455

Canadians over the age of 16 who are married. Another 3,510,265 are living common law.

Source: 2016 Census

Before your next meeting

• If the couple agrees to talk to you, send questions in advance of your chat. They should list their financial goals and deal-breakers, discuss how they plan to blend their finances, their spending styles, their views on “fun money,” et cetera.

If you’re going to be a guest at the wedding, we’ve got you covered! Go here for expert tips on what to do, what to gift and what to wear.

At your next meeting

• Review the gift alternatives you’ve researched with your client, including any possible tax implications of making a withdrawal now versus next year, and the family law implications of gifting before versus after the marriage (read this article for more).
• Help your client consider the financial aspects of future life events for his son, such as cash gifts for potential grandchildren (and/or step-grandchildren).

by Gil Martinez, art director of Advisor Group