Big life events prompt a meeting with an advisor

By Susan Rupe

What motivates a couple to meet with an advisor? For most, it’s when they face a big life event, such as marrying, buying a house or moving in together.

Katie Kimball is Boston-based independent financial advisor who specializes in working with LGBT couples.

“When two people join forces and start looking at building a future together, that’s when they start seeking out advice,” she said.

What Kimball called “a generic plan” won’t work with her clients.

“My clients are looking for something that lines up with what’s going on in their lives in terms of their beliefs and what they want to invest in and where they want to go in the future,” she said. “LGBT couples need to pay extra attention to details such as beneficiaries and estate planning, because often these couples are folks who don’t have the support of their families. So they tend to be self-supporting for their entire adult lives, and they usually create a support system of friends and loved ones who aren’t related to them biologically.”

Kimball said her role is to introduce clients to an estate tax attorney, and make sure they have wills in place as well as designate someone as their health care proxy.

“We also need to pay attention to the laws of whichever state of the couple you’re working with,” she said. “How those laws might affect the couple you’re working with, and how those laws might affect their money are really important.”

Compassion and listening to both people are important in establishing an advisory relationship with couples, Kimball said.

“No matter how a couple presents or identifies, never assume someone’s role in the relationship – just ask them how they’d like to be addressed and ask who takes care of the money,” she said. “If you’re working with a couple with a male and a female, don’t assume the man is the one handling the money. Actually, in most cases, it’s the woman who keeps the finances organized.”

Kimball also said she always tries to keep from playing the role of marriage counselor when working with couples. “But I do try to make both parties feel heard and understood and feel comfortable with sharing their thoughts and concerns about their money so that I can build a plan that tries to address both of their concerns.”

Advisors who want to work with couples need compassion and listening skills, Kimball said. “You want to make sure both parties feel heard,” she said.

Kimball said one of the most satisfying aspects of her practice is working with couples as they begin to build their lives together.

“I think one of my favorite things in the whole world is watching young couples who come to you and they’re starting their journey. Then you get to watch them over the years as they build this amazing life together and start to find their niche in terms of how they work together and how they can find their money.

“The one thing I would want everyone to know is to tell clients they’re no single right way to do it. It’s whatever works for their life and their situation, and whatever makes their partnership work.”

Susan Rupe is managing editor for InsuranceNewsNet. She formerly served as communications director for an insurance agents' association and was an award-winning newspaper reporter and editor. Contact her at [email protected]. Follow her on Twitter @INNsusan.