Communication is critical in financial planning

Couples have been advised to share and plan their finances together by the Hartford Life Limited.

The firm has identified three different financial planning personalities for couples which are listed as “Joined at the Hip” for those who do everything together, “Going Solo” where one partner is solely responsible and “Divide and Conquer” where each partner has specific responsibilities.

Mike Kalen, president and chief executive officer of the company, stated that those couples who do not share their financial plans are at more of a risk than those who do.

He said that all couples begin planning finances together but often split the responsibilities once their strategy is in place.

“The Hartford would advise couples to have a full and frank conversation about every aspect of their financial planning and would fully recommend that this communications also involved consultation with an IFA (independent financial adviser),” he concluded.

© Adfero Ltd

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