To Clients/Prospects: Your marriage and your financial plan

Show clients that you’re proactive about their major life change by sending them this customizable letter. Dear [client/prospect name],

Congratulations on tying the knot! I hope you had a wonderful honeymoon and are enjoying your home as newlyweds.

Since I have been your personal financial advisor for [INSERT YEAR HERE] years, it would be wonderful to meet your spouse. I can help you both settle your financial affairs as a married couple. As I’m sure you’re aware, money is often an issue that couples disagree about, as we all bring different philosophies and backgrounds to the table.

Think about where you, as a couple, are financially, and how you got there. Now consider where would you like to be financially.

With that in mind, here are some issues for you both to consider.

Debt management

I can help you come up with a strategy for eliminating debt. For example, are you paying too much on your credit cards and loans? Instead of paying 18% to 20% interest for consumer debt, it may make sense to consolidate your loans for a much lower rate — perhaps as little as 6%, depending on your credit history and current financial situation.

More The Wedding Planner

• Making a couple’s investments work together • Tax matters when your client gets hitched • Get your newlywed clients on the same financial page • Premium Advice — using insurance to ensure a happy second marriage • Do you take this pre-nuptial? • More Wedding Planner stories • Template letter: Your marriage and your financial plan

Back to Wedding Planner mainpage

We can also discuss both of your feelings concerning debt — and go through what’s considered good debt versus bad debt. I can help you to come up with an action plan for tackling any debt.

Budget management

What’s a fair arrangement for paying the bills? Who’s responsible for what? Should you have individual accounts or joint accounts? I will work with you to create a household budget that will help you establish control over your finances. Together we can determine your combined assets, liabilities and what current expenditures need to be eliminated or adjusted so you can achieve your goals.

Contingency planning and retirement planning

A good rule of thumb is to save 10% of your collective net income. Some of the savings can go into an emergency savings account and the rest could be put towards short-term goals like saving for a new car or long-term goals like retirement.

Insurance and estate planning

You’ll need adequate insurance to protect your spouse from liabilities in the event of a death or disability. You may also want to review your wills and powers of attorney to ensure your wishes are still reflected in those documents.

I hope you find these tips useful. Let’s discuss them in further detail in person. I’ll give you a call over the next two weeks to set up a complimentary appointment.

Sincerely,

[Your signature]

[Your name]

(06/04/08)

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.

Staff

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