4 Reasons Why Picking the Right Financial Advisor Is Crucial for Newlyweds

by Susan Paige
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Believe it or not, the number one thing spouses fight about isn’t chores or relatives. Studies have shown that finances are the main cause of arguments in marriages. The beginning of a marriage is an exciting, happy time. But if you don’t get on the same page about your finances when you’re newlyweds, it could lead to fights down the road. 

Many spouses have different views on money and opinions about how finances should be handled. Working with a financial advisor can help you create shared goals and a common vision for your finances. 

But you shouldn’t choose the first financial advisor you come across. To get the best results, it’s important to work with a fiduciary financial advisor who’s obligated to act in your best interest as a couple. Here’s why picking the right financial advisor is crucial for newlyweds. 

 

Why Picking The Right Financial Advisor Is So Important for Newlyweds

 

You’re In The Middle of a Big Financial Transition

Getting married is one of the biggest transitions you’ll ever experience. Saying ‘I do’ not only deepens your relationship with your partner, but also changes your legal and tax status, which has implications for your finances. As you navigate this new stage of life, you’ll probably have questions only a professional financial advisor can answer. 

For example, you may be wondering whether you should file your taxes jointly or separately to reduce your tax bill. Or if your partner has significant debt, you might want to know if you’ll be liable for it after heading to the altar. 

An experienced financial advisor will address your concerns and help you deal with the financial changes marriage brings. They can assist you with important tasks such as updating your estate plan and determining how much life insurance coverage you need now that you have a spouse. 

You Have Lots of Important Financial Decisions To Make 

As newlyweds, you have lots of big financial decisions ahead of you, such as whether or not to combine your finances. You may be considering buying a house together or trying to make a plan to pay off leftover debt from the wedding. 

Making the wrong money moves at this critical point in your life can set you back financially and make it harder to achieve your long-term goals. So it’s important to get advice from a qualified financial advisor to set you up for your future as a couple.

 

You Need to Figure Out How to Achieve Your Goals Together

You and your spouse will likely come into your marriage with different financial priorities. Many couples are comprised of a saver and a spender, which can make it difficult to agree on a monthly budget. 

You may also have different visions for the future that you need to reconcile. For example, one of you may be happy with a modest retirement while the other wants to travel the world. Disagreeing about what your financial goals are can make it harder to plan and save for the future. 

If you and your spouse don’t always see eye to eye on finances, a financial advisor can help you figure out ways to meet in the middle. They’ll assist you in creating a realistic financial plan both you and your spouse can agree on. 

 

Discussing Finances Can Be Difficult

Studies have shown that many couples find it difficult to talk about money because it can be an emotional topic. A poll by the National Foundation for Credit Counseling revealed that 68% of engaged couples had negative attitudes about discussing finances with each other. 

As a result, many newlyweds don’t know much about their spouse’s financial situation. According to a survey by Fidelity, about 40% of married and long-term couples don’t even know each other’s salaries. However, it’s not a good idea to start your married life with financial secrets. So it’s important to open up to your spouse about money if you haven’t already. 

If you’re having a hard time being vulnerable and honest with your spouse about your finances, involving a neutral third party may help. A financial advisor who specializes in working with couples can serve as an intermediary between you and your spouse. They’ll help you find common ground with your partner and make a financial plan that works for both of you.

 

Picking The Right Financial Advisor For You and Your Spouse

Working with a financial advisor you trust can make it easier to open up about your finances and develop a solid financial plan for your marriage. But it can be hard to find qualified financial professionals who have your best interest in mind. Many financial advisors work on commission. As a result, they may suggest investments that aren’t the best fit for you as a couple because they offer a higher commission. 

You and your spouse don’t have to settle for commission-based financial advice. Wealthramp is a free referral service that can connect you with fee-only financial advisors who only make money based on the fees you agree to.  Since they don’t earn commission, they don’t have any financial incentive to suggest investment vehicles that aren’t the best fit. Every advisor on Wealthramp is also a fiduciary, which means they’re legally and ethically obligated to put your interests as a couple ahead of their own. 

Additionally, each financial advisor in the Wealthramp network is rigorously vetted by CEO and founder Pam Krueger. She’s a leading personal finance journalist and advocate who has spent over 20 years educating investors about choosing the right financial advisor. She’s received numerous awards for teaching the public the importance of working with qualified, fee-only financial advisors, including the 2021 NAPFA Special Achievement Award and the Financial Educator of the Year Award from the Financial Literacy Institute. 

Pam has extremely high standards for financial advisors. So you can feel confident you’re getting the best financial advice when you choose an advisor from the Wealthramp network. 

Here’s how Wealthramp works. You and your spouse will visit Wealthramp.com and answer a few quick questions about your money goals and needs. Then you’ll be matched with up to three fee-only, fiduciary financial advisors that are the right fit for you as a couple. If you decide you want to work with one of your matches, you can reach out and book an appointment. Your contact information will never be shared without your express permission, so you won’t get any unwanted messages. 

 

Start Your Marriage Off On The Right Financial Foot 

As newlyweds, you have lots of dreams for your future together. You may want to travel, buy a home, and start a family of your own. 

A qualified financial advisor can help you and your spouse create a financial plan that enables you to fulfill your shared aspirations. They can provide guidance on filing taxes, buying real estate, and saving for long-term goals like retirement and sending your children to college. With a good financial plan in place, you and your spouse will have peace of mind as you build your life together. 

To ensure you and your spouse are headed in the right financial direction, visit Wealthramp today to find the best financial advisor for you.

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