Coventry Edwards-Pitt, Managing Director at Ballentine Partners, was quoted in a recent article in The New York Times: “Keeping Both Spouses in the Financial Picture.” The piece describes the potential negative impact of leaving one spouse out of the family’s financial planning.
“We tend to advice on huge areas, but they tend to get cocktail party advice from people they know and love-or don’t love, then they may be very vulnerable to advice.” Covie described what she did as “training the spouse” by explaining broad ideas and ensuring their comprehension. Often times, this approach includes suggesting readings and providing other materials for the couple. “We try to get away from the jargon. It’s really important to stop and ask, ‘Does that make sense?’ or ‘Do you remember this from the meeting before?’ It becomes a different discussion.” Often times, this process can be a long one. “An ambitious timeline with somebody with a complex portfolio of investments is six months of intensive study. A more realistic one, the consensus was, is two years.”
