Recently I found myself in a social situation where I was asked a number of interesting questions pertaining to my job as an investment advisor at RBC Wealth Management.
While the questions were pretty straightforward and innocuous, as more and more people started to listen in, I realized the conversation was of interest to many. I think what the chap asking the questions really wanted to know was how important I think it is that both parties in a partnership be involved in the day to day and, long term financial health of the relationship. In other words, how important is it for both parties of a marriage or partnership to be well educated on their finances?
Off the top of my head I would have said the more thoroughly involved in all aspects of their financial health both parties are, the better their financial situation and the better their relationship is for it.
The conversation did make me realize how few of my own clients actually fit this model. In some cases one or the other partner handled finances exclusively while in most of the rest, only one partner is mostly responsible. This is not too surprising considering opposites often do attract and as they say, men are from Mars and women are from Venus. Moreover many are wise enough to assign tasks according to interests and strengths.
By the end of the conversation I had decided I should redouble my efforts to include the “silent” partner in the decision making process and to do the best I can to increase their financial proficiencies. Regardless of who is the financial head of the household the best plan is what is best for the team.
This article is supplied by Elizabeth O’Connor, an Investment Advisor with RBC Dominion Securities Inc. (Member–Canadian Investor Protection Fund). This article is for information purposes only. Please consult with a professional advisor before taking any action based on information in this article.
Elizabeth O’Connor can be reached at 705-789-2100 or [email protected]
Whether you are looking for a full time, full service financial advisor or seeking expert financial advice as a second opinion, call Elizabeth. With offices in Haliburton, Huntsville and Bracebridge, Elizabeth works closely with clients in cottage country from the lakes and surrounding towns.
Elizabeth O’Connor is an Investment Advisor with RBC Dominion Securities, which is a member of the Canadian Investor Protection Fund. 705-789-2100