Wealth Management Blog

Posts published in July 2016

Five Common Financial Marriage Mistakes to Avoid

By Anthony LaGiglia

July 27, 2016

“Till death do us part” has now been replaced with “till debt do us part.” Therapists, divorce lawyers and financial professionals often cite money issues as a main contributor to the demise of a marriage. But it doesn’t have to be the case.

While everyone’s situation is different, there are some common financial issues that can derail a relationship.

1. Opposing values

If one partner wants to acquire a lot of possessions or live a certain lifestyle—expensive cars, the latest fashions, luxurious vacations and regular visits to the top restaurants—and the other partner prefers a more toned-down existence, then there may be areas of conflict. It doesn’t matter how much net worth you have—materialism can decrease happiness.

Researchers at Brigham Young University and William Patterson University found in a study that in one in five of 1,734 couples, both partners admitted a strong love of materialistic things. While these couples had financial means, money was often a bigger source of conflict for them. Not surprisingly, these couples were rated at the bottom of the survey’s happiness scale.

2. Not seeing eye-to-eye about money

This differs from values, as it’s more of a day-to-day allocation of funds. According to experts, foolishly spending money is the number-one financial cause for divorce. Of course, “foolish” is a matter of opinion.

Some spouses may want to save to meet goals such as paying for college, buying a second home or investing in a business. While others believe that spending money on hobbies such as gambling, restoring cars or remodeling homes is a good way to relax or to increase income. The take-away is to decide what amount of money you, as a couple, are comfortable allocating toward discretionary spending.

3. Maintaining traditional relationship roles

Gone are the days when women turned the earnings and financial planning responsibilities over to their partners. Many women earn more than their husbands; some wives—or husbands—choose to delay an income to care for their children.

The bottom line: Someone in the household is usually more predisposed to managing financial matters—and if no one is, consider working with a Certified Financial Planner. There are also many online tools you can use to help keep track of your finances.

4. Having different money philosophies

Often in a marriage, one is a spender and the other is a saver. It’s not a deal breaker, but these differences can cause tension in a relationship. It is not uncommon to see financial opposites gravitate toward each other.

Recognizing this and consulting a neutral third party can help alleviate tensions. Perhaps it means allocating a certain amount for the spender to have each month and an amount that the saver feels comfortable with, as well as a common fund that the couple contributes to that meets mutual goals.

5. Neglecting to plan

As John Lennon said, “Life is what happens to you while you’re busy making other plans.” Things happen—and sometimes you look back and wonder where the years went.

Marriage, kids, houses, businesses, caring for loved ones, health issues—no one is immune from life’s challenges. Which means having a plan as a couple—from the day you say “I do” is key. If you have significant assets, consider a prenup from the start. If you forgo a prenup, consult with a financial planner to develop a roadmap for moving forward.

Money is a difficult subject for most people. Combining funds, philosophies, and spending and savings habits can add to the pressure. Whether you’ve been married for decades—or are simply contemplating marriage—consider professional advice about how to make a financial plan that you both can agree upon. Talk to us today about how to develop a personalized financial plan that meets your mutual goals.

JJ Burns & Company Acquires Emmes Wealth Management

By JJ Burns

July 11, 2016

Melville, NY – Nationally recognized wealth management expert JJ Burns announced this week that the company he founded has acquired Syosset-based Emmes Wealth Management. Emmes founder and CEO, Barry Goldberg, will join JJ Burns & Company as a Director. The acquisition represents a significant step toward JJ Burns & Company’s long-term strategic plan of building a leading wealth management team. 

Founded in 1994, JJ Burns & Company focuses on comprehensive wealth management based on an individual’s unique vision and goals. This boutique, high touch approach to planning incorporates all areas of your financial life including retirement planning, investment management, estate planning, and legacy planning. With the acquisition of Emmes Wealth Management and the joining of Barry Goldberg to the team, it gives JJ Burns & Company more time to focus on their mission of making a meaningful difference in the lives of the families they work with and their strategic partners.

“We serve our clients with openness and unparalleled attention to detail,” explained JJ Burns, CFP®, CEO/President. “And we’re excited that Emmes Wealth Management embodies those same principles that JJ Burns & Company is known for. Barry’s expertise and shared values formed the foundation of this acquisition.” 

Emmes Wealth Management was built on the principal of taking a whole life view of clients’ financial situations and providing broad-based, integrated strategies. “We are excited to join JJ Burns & Company. Their team planning approach, analytical and evidence driven investment strategy, and powerful client service model will enable us to provide even more value to the families we serve,” said Barry Goldberg.

Going forward, Mr. Goldberg will continue to manage his base of clients while becoming part of strategic business development initiatives and strategic partnerships at JJ Burns & Company.

About JJ Burns & Company

JJ Burns & Company is a leading wealth manager for high-net-worth individuals and families. As an SEC-registered independent Registered Investment Advisor, the company is a fiduciary advisor making recommendations that are solely based on the best interests of clients. JJ Burns & Company uses a team approach with a focus on fostering long-term client relationships. The company works closely with other professional advisors to develop a holistic plan covering every aspect of a client’s financial life. For more information, visit http://jjburns.com.

8 Financial Tips When Getting Remarried

By JJ Burns

July 7, 2016

Getting married again—time for a fresh start with a new life partner. There are so many opportunities ahead.

You have many considerations to think about to help give your new marriage the best chance of success—while also protecting yourself in the event of an unhappy ending.

Whether your previous marriage ended amicably or with fireworks, you’ve learned some lessons along the way. There are ways to help make sure things go better this time—at least when it comes to your finances.

8 Financial Tips When Getting Remarried Toolkit

In this actionable toolkit, you’ll get helpful advice about:

  • Past financial issues
  • Prenuptial agreement
  • Retirement plan rights
  • Waiver of rights
  • Family trust
  • Protection of assets
  • Estate plan
  • And much more

Don't miss these 8 important financial tips! Download our remarriage toolkit today.