Following research that found 53% of couples don’t agree on their expected retirement ages and 47% don’t agree on whether they will continue working, Fidelity released a guide on Monday to help advisors engage with client couples more effectively.
“Finding a way to engage couples jointly is not only important in designing successful retirement plans, it’s critical to maintaining that couple’s business for the long-term,” Larry Sinsimer, senior vice president of practice management for Fidelity Financial Advisor Solutions, said in a statement. “Seventy percent of widows end up leaving the family advisor within a year of a husband’s death – this is a statistic that advisors have the power to change.”
Fidelity found that only 38% of couples interact jointly with their advisors. Among couples who have a “primary contact,” more often than not that person is the husband (34% compared with 12%).
The guide, “Aligning Couples and Retaining Business,” offers strategies advisors can use to make sure their clients’ expectations are in line with their spouse’s.