June 2020 NAPFA Advisor Magazine - Full Issue-June 2020 NAPFA Advisor Magazine

June 2020 NAPFA Advisor Magazine - Full Issue

Pdf Summary

Financial advisors are instrumental in facilitating healthy money conversations between couples, helping them understand each other's financial history, habits, and values. Advisors use various strategies such as providing a list of questions to jump-start discussions and creating a comfortable environment. By understanding each other's spending values and priorities, couples can develop healthy spending habits and reduce conflicts. Advisors also use cash flow management strategies like using software tools or spreadsheets, employing budgeting methods like 50/20/30, setting small goals and adjusting spending gradually, using separate bank accounts, educating clients on cash flow and retirement planning, and communicating fiduciary responsibility. The aim is to provide clients with the tools, knowledge, and support needed for financial optimization.

Keywords

financial advisors

money conversations

couples

financial habits

spending values

cash flow management

budgeting methods

retirement planning

fiduciary responsibility

financial optimization