Helping couples collaborate on important life decisions is, or should be, a key part of every financial advisor’s value proposition, Morgan Stanley Wealth Management said in its latest Investor Pulse poll.

Helping couples collaborate on important life decisions is, or should be, a key part of every financial advisor’s value proposition, Morgan Stanley Wealth Management said in its latest Investor Pulse poll.

It was found that nearly seven in ten high net worth individuals in a marriage or domestic partnership collaborate with their partner on key financial decisions. Similarly, 66 per cent of high net worth investors said they made joint financial decisions with their spouse or partner – a finding particularly pertinent around matters related to retirement.

“The days when most financial decisions in a household were made unilaterally are clearly over, and financial advisors recognize this fact,” said Shelley O’Connor, head of field management at Morgan Stanley Wealth Management.

The findings come during a shift away from what has typically been regarded as a male-dominated industry – both in terms of employment and financial decision-making within households. That said, UBS did recently find in a survey that four in five women in relationships shy away from making investment decisions while men take the reins, something the firm described as “alarming” (see here).

According to Morgan Stanley's poll, issues of retirement lead the list of subjects that couples discuss and make decisions on jointly. Couples reported that both partners are equally likely to start conversations about the following topics: having enough money to sustain lifestyle after retirement (71 per cent); how to fund retirement (70 per cent): their spouse’s/partner’s health (67 per cent); planning for an unexpected serious illness (66 per cent); helping pay for children/grandchildren’s education (66 per cent); and preserving wealth for heirs (66 per cent).

The findings are based on responses from over 1,000 investors across the US with at least $100,000 in investable assets, a third of which have assets of $1 million or more.