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Human First: The Rise of FinPsych, Financial Therapy and Life Planning
Before Cristina Livadary co-founded her advisory firm in 2018, she spent ten years on the fund distribution side as a wholesaler. She met many advisors and was, at times, struck by how little those advisors knew about, or empathized with, their clients’ broader lives. Not simply their spouses and children, or their occupations, but what kind of people they were; what really drove them to make the decisions they did around their financial plans. The issue hit home when a mentor in asset management died suddenly of a heart attack, and his wife said she was so enveloped by grief that she had no idea how to handle their finances.…
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Is Financial Planning As Good As Couples Therapy?
“This has been more helpful than couples therapy!” is something that good financial advisors will inevitably hear in their work with couples. It’s a powerful testimony, and it shouldn’t come as a surprise with more than 50{9f99fe44fce1aa3c813d0a0ce4da2fbea8a5a58e9d85c4a2927dd8140cb676b5} of marriages ending in divorce and most of those citing “disagreements over money” as the chief reason for the split. Therefore, if you can help couples manage money better, it only stands to reason that more marriages will be preserved and fewer dollars will be spent litigating breakups, the combination of which leads to greater household wealth, health, and happiness. Couples And Money getty But the benefits couples can derive from financial planning…
