The death of a husband, a wife, a life partner is devastating. It is one of the life transitions that typically create the greatest chaos and pain.
The grief process that follows can be profound and challenging. One support to the newly bereaved is the ability to avoid focusing on their finances until they are emotionally ready to do so.
“Candace” had just lost her husband barely two months earlier. She was, understandably, in a highly emotional state. What made her so anxious to meet with a new financial advisor? Her husband had died suddenly and she had no idea whether she could safely grieve without financial worry.
Instead of being secure in the knowledge that she and her husband had planned well for their future, Candace spent her new widowhood embroiled in financial worry.
What we uncovered was — to put it politely — a mess. They owned an assortment of completely inappropriate investments, loaded with commissions. It made no sense from either an investment or tax perspective — a second opinion before their purchase would have saved them enormously. Not just financially, but emotionally.
This happens way too often. People avoid getting another view of their financial life — because they fear what they might discover, they don’t want to spend the time or simply don’t want to hurt the feelings of their current advisor.