Helping widowed clients navigate their new financial reality

Nearly 6 in 10 widows wish they had someone they could share their financial decisions with, an Ameriprise Financial survey found.

This desire for a financial sounding board highlights the value of having trusted support and guidance as widowed adults adapt to new responsibilities and make decisions about their financial future. Two financial advisors recently shared how they help widowed adults navigate their new reality.

They don't have to figure everything out immediately

When working with someone who has recently lost a spouse, eight-year Million Dollar Round Table member Brandon Wellman prioritizes helping them understand they don't have to figure everything out immediately.

“The loss of a spouse often brings an overwhelming number of decisions, from handling immediate expenses and insurance claims to understanding retirement accounts, Social Security benefits and estate matters. These decisions are happening while someone is experiencing tremendous grief,” he said.

Wellman, a financial planner at Navigator Wealth Strategies, said that he typically focuses on three primary areas when working with someone who has recently lost a spouse.

• Financial stability: First, he wants to make sure that their immediate financial needs are met.

“Are bills being paid? Is there sufficient cash flow? Are there insurance benefits or survivor benefits that need to be addressed?” he asks. “Establishing that immediate stability can alleviate some of the financial uncertainty during an already difficult time,” he said.

• Financial clarity: In many marriages, one spouse may have taken the lead on financial matters, Wellman said. When that spouse passes away, the surviving spouse can suddenly find themselves responsible for decisions they may never have made independently.

“I believe it's incredibly important to help them understand what they own, how their income will work and what their financial future might look like,” he said. “Education is a significant part of this process, and we should never assume a client understands something simply because they have been a client for years.”

• Financial confidence: Wellman said his goal is to help clients move from uncertainty to confidence. That doesn't happen in a single meeting, he said. It happens through ongoing conversations, education and building a relationship where clients feel comfortable asking questions and making decisions.

He often reminds clients that financial planning is not about having all the answers today. It's about having a process and someone they trust to help them find those answers over time.

Managing clients’ meetings

What approach do widowed clients need to address their challenges? When Heather Lindsley, a 12-year MDRT member and financial advisor with Guided Path Financial Services and Retirement Planning, first meets with a widowed client, she makes sure they can complete all the paperwork to transfer all funds into their name.

“I make it very clear we are not going to make any life-changing decisions for at least 1 year,” she said. “I explain they should not make any decisions about buying or selling their home. I find it takes time for the surviving spouse to really talk about money and what comes next. Many times, they are just going through the motions for several months.”

Lindsley may meet with a widow every quarter, just to review all accounts and answer questions as they navigate their new world. Again, she does not expect or ask them to evaluate new investment options. After a full year, she finds people often thank her for not having them or letting them make big decisions, since they see things differently now that they have had time to grieve.

Key things to remember

Wellman said one of the most important things advisors can do is recognize that grief doesn't follow a financial-planning timeline. Some decisions need to happen quickly, but others can wait.

Whenever possible, Wellman said that he encourages clients to avoid making major, irreversible financial decisions immediately following the loss of a spouse. “Selling a home, dramatically changing an investment strategy or making significant financial commitments may be better addressed once they've had time to adjust to their new circumstances,” he added.

Wellman also emphasizes breaking financial planning into manageable steps. “Rather than overwhelming someone with a lengthy checklist,” he said, “we can prioritize what needs attention today, what can wait until next month and what belongs in their longer-term financial plan.”

Wellman believes listening is one of the profession's most underappreciated skills. Sometimes clients aren't looking for an immediate solution. “They simply need someone to hear their concerns and help them process their options,” he said.

He encourages clients to involve trusted family members or other professionals when appropriate and with their permission. Attorneys, accountants and financial advisors can work together to help ensure that important considerations aren't overlooked, he said.

One situation that illustrates the importance of this approach is when a surviving spouse has relied on their partner to handle most of the household finances, Wellman said. Even when the couple has accumulated sufficient assets to provide financial security, the surviving spouse may feel tremendous anxiety because they don't fully understand how everything works.

In situations like this, Wellman believes the financial professional’s job is not to immediately recommend changes to the client’s portfolio. Rather, he said, “It is to sit down, review their financial picture in plain language, explain where their income will come from, and help them become comfortable with the decisions ahead. Sometimes, the most valuable outcome of a meeting isn't a financial transaction. It's a client leaving with a little less anxiety and a little more confidence.”

Wellman believes the true measure of a financial advisor isn't how well they manage investments during good times, but how effectively they support clients through life's most challenging moments.

“For someone who has lost a spouse, financial success isn't necessarily about maximizing returns,” Wellman said. “It may be about knowing they can remain in their home, maintain their independence, support their family, and move forward without constantly worrying about money. Our job is to help give them the clarity and confidence to do that, one decision at a time.”

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