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Trust in Transition: Widows and Widowers

September 25, 2024

Advisors need to build and maintain rapport with both parties in a marital relationship as well as their adult children.

Cerulli’s initial research indicates that surviving spouses change financial advisors far less frequently than generally assumed. Among advised investors, 85 percent stayed with an incumbent advisor following the death of a spouse, with men’s loyalty (91 percent) exceeding that of women’s loyalty (81 percent). Reasons for changing advisors vary but center on the strength of the advisor–client relationship. As a result, advisors must continue to reinforce the value of their services to clients, even as those clients age. Whether one spouse carries the responsibility for financial decision-making or the spouses make decisions together, advisors need to maintain relationships with both spouses, and their adult children, well before one of the couple passes away.

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