A couple of years ago Lloyds Bank did quite a brilliant advert, in my opinion, with the theme: “It isn’t easy talking about money, but it is important. The M word: it’s good to talk about money.” The advert depicted different family dynamics trying to talk about the subject of money, which was and is seen as a “taboo” subject by many.
From my many years of experience in the banking and finance industry, it is a very rare occurrence when both partners in a relationship are knowledgeable and/or interested in the family finances. Indeed, I have to admit that my own hubby doesn’t have a clue, but then you might say ‘Why would he when he’s married to a Financial Adviser?’ This is exactly my point and something that has really had me re-thinking our situation in the last few weeks, after hearing of a situation with a close friend, because if the worst happened what would he do?
This friend has found themselves in a situation where her partner has always dealt with the finances, but after falling ill he is no longer capable of doing this and as she has never really been involved is having difficulty even accessing some of the funds, of which there are much less than expected.
I regularly have conversations with clients where their major concern is ensuring their spouse or partner will be looked after in the event of their death and this is a great starting point, but not if said partner has no clue what is there to look after them and how to access it. Our relationships are often complex – this may not be your first marriage and there may be children from different marriages, so this can sometimes lead to conflict and awkward conversations. Let’s face it, when money is involved, it can bring out the best and the worst in people.
Sometimes it is easier to talk with a third party, like ourselves, not only to plan in the best way, but to make sure that you and your family are all prepared and at least have an idea of what your financial situation is in order to avoid any nasty surprises at that moment in life when you will, potentially, be at a very low point.
It’s true – for some people it isn’t easy talking about money, but it could be one of the most important conversations you need to have if you truly want to ensure your loved ones are looked after.
Blacktower will be by your side both now and in the future, we are here to help you. To arrange a professional and impartial consultation please contact me by email [email protected] or call me on 06 38 86 99 70. Website: www.blacktowerfm.com
This article is based on the opinion of the financial adviser and author, and does not reflect the views of Blacktower. The above information is based on current legislation which is subject to change and does not constitute as investment advice, or investment research and you should seek advice from a professional adviser before embarking on any financial planning activity.
Blacktower Insurance Agents & Advisors Ltd is regulated in Cyprus by the Insurance Companies Control Service and registered with ORIAS in France. Blacktower Financial Management (Cyprus) Ltd is regulated in Cyprus by the Cyprus Securities & Exchange Commission and is registered with the AMF in France.