It’s wedding season and many couples (and their parents) are gearing up for the big day. This is where having strong client connections—and using social media—can come in handy for financial advisors. President and founder of Lexington Wealth Management, David A. Dedman, says that weddings present a unique opportunity for financial advisors to sit down with couples and their parents to discuss the future.
It’s also an opportunity for advisors to catch couples before they make financial blunders that could have serious consequences, and in some cases, ruin the marriage. “Fifty percent of marriages end in divorce these days and finances are almost always a major contributing factor” says Stewart Welch, founder of The Welch Group.
And even though young couples may not have the assets to routinely work with an advisor, making a good impression can go a long way with the parents, as well as generating referrals, says Stacy Willoughby, a financial advisor with Waddell & Reed.