Financial advisor Robert “Rob” Bolden thought he was ready to get married when he proposed to his now-fiancée.
“I had done a lot of planning beforehand,” said Bolden, whose wedding is set for Sept. 17.
Bolden, the lead wealth advisor at registered investment advisor Bolden Wealth Management in Royal Oak, Michigan, also helped two clients with planning their weddings earlier this year. In his own case, Bolden was pleasantly surprised to receive help from an unexpected source — his fiancée’s aunt, who had ample experience in family wedding planning.
“When we got engaged, the next day — I mean, literally the next day — she had spreadsheets, she had price points, she had things for us to look for,” Bolden said of the aunt, laughing. “She had everything. … So we started doing wedding planning the next day!”
Read more: This $5.7M advisor helped a client, then officiated her wedding
Weddings are a major personal and financial milestone in the life of many clients in wealth management — either their own special day, or the wedding of a child, family member or close friend. But weddings today can cost an arm and a leg, which makes proper planning around them critical. The mean cost of a wedding in America was $30,000 last year, according to wedding industry website The Knot — and that figure, which fluctuates across states and cities, doesn’t include common extras like the engagement ring or honeymoon.
The complications of joining two households together can also impose stress on couples, as well as the risk of asset loss in the event of a divorce.
The good news is, for advisors looking to stand out and differentiate with services suited to multigenerational families or younger clients who are early in their wealth building journeys, walking a couple through this process can be a valuable opportunity to grow their business.
Read more: Ask an advisor: Does my client need a financial planner or a marriage counselor?
FP heard from many experts on how advisors can ensure their engaged, soon-to-be-engaged or newlywed clients are set up for financial success. Below are tips they shared.