It’s very important for most of us that we have a financial advisor and that we talk to throughout our lives, but there’s someone else it’s vital you keep talking to about investing; Your spouse.
Research by UBS found that most affluent and high-net-worth couples in the United States share responsibility for financial decisions however certain decisions were more likely to be made by women.
Similarly, some decisions were far more likely to be made by men even among younger couples.
Fewer than one in five women decide about investments. This is concerning. Investing is the foundation of financial security and it’s vital that both partners are involved.
Investment author and consultant Charlie Ellis says the priority is to discuss the benefits of a passive approach to investing.
If both parties would read two or three books on investing, then have a serious conversation and see if they can come up with something they believe is worth doing.
For most people, the answer is to turn to indexing.
Once you’ve made the decision to adopt an evidence-based investing plan you need to stick to it and talking together as a couple can help to keep you on track.
In fact, the evidence shows that when market volatility strikes men are more prone to give into their ammo while women are better at staying the course.
So yes, talk to your adviser but remember to talk to your spouse as well.