Four times as many couples were living together in 2010 than in 1982. Yet the wealth management industry still is geared toward couples who are married. Other surveys have noted more people living their lives as singles. And Boomers are still getting divorced in their later years. These new trends are yet another sign that the advisory industry has to change its service model to accommodate new societal demographics.
This Website Is For Financial Professionals Only
The survey did not indicate whether same-sex couples were included in the numbers. Unmarried couples
have different financial needs than married ones. They own things separately and are treated differently under tax, estate, and medical laws. Insurance needs are also different.
Unmarried couples may also have different investment goals. They may wish to share some investments and not others. The level of confidentiality desired may be different between the two individuals. Although assumptions are never good to make, this is particularly true for co-habitating couples. Advisors who are aware of different needs will have better success in building trust in the relationship.