Why Both Spouses Should Meet With the Financial Advisor
By Daniel Baumgartner & Petra Peters
If you or your spouse suddenly had to manage your family's investments tomorrow, would you know who to call, where the accounts are held, or why your portfolio is built the way it is?
In many households, one spouse follows the markets and investments closely while the other focuses on different responsibilities. That division can work perfectly well for years. The problem arises when illness, death, or another major change suddenly leaves the less-involved spouse responsible for a portfolio he or she has never really understood.
We have sat across from people in exactly that position. They were entirely capable; they were simply unfamiliar with their own investments. That is why we encourage both spouses to participate periodically in portfolio reviews, even when only one is involved in the day-to-day investment decisions.
Geborgenheit Belongs in a Portfolio Review
There is a German word we come back to often: Geborgenheit, which is the feeling of being safe, secure, and cared for.
In investment management, part of that security comes from familiarity. When both spouses understand what they own, why the portfolio is structured as it is, who manages the assets, and how investment decisions are made, neither is forced to begin from zero at a difficult moment.
For couples whose investments and lives span the United States and Europe, that familiarity can be particularly valuable.
Shared Understanding Is the Point
Shared understanding does not mean equal involvement. One spouse may want to discuss individual holdings, allocation, and market conditions in detail; the other may be primarily interested in whether the portfolio can support long-term objectives. Both perspectives matter.
Neither spouse needs to become a market analyst. But both should understand the basic investment strategy, the purpose of the portfolio, where the assets are held, who manages them, and how major decisions are made. That is a reasonable standard for anyone whose future depends on those assets.
Familiarity Is Easier to Build Early
Grief or serious illness is not the ideal time to learn unfamiliar investment concepts. Terminology that seems straightforward during an ordinary portfolio review can feel overwhelming when it arrives alongside everything else a family is managing.
When couples attend reviews together over time, the vocabulary becomes familiar, questions become easier to ask, and the asset manager becomes someone both spouses know and trust rather than simply a name in a file. That familiarity is difficult to recreate after the fact.
A Fiduciary Investment Relationship Should Include Both Spouses
Terra Nova Asset Management has been an independent, partner-owned investment advisory firm since 1998. We manage personalized portfolios for U.S. and European clients and believe an effective advisory relationship should make both spouses comfortable asking questions about their investments.
Our job is to explain the portfolio and our investment reasoning clearly enough that either spouse can understand the strategy and participate in decisions at the level that suits them. The objective is informed confidence rather than technical fluency.
Life Changes Matter When They Affect the Portfolio
Joint reviews also help us understand changes that may affect investment objectives. Retirement, charitable commitments, support for adult children or aging parents, a move between countries, or a change in residency can alter cash-flow needs, risk tolerance, time horizon, or portfolio structure.
For clients whose assets or lives span the United States and Europe, tax and legal questions may also affect investment decisions.
Terra Nova manages the investments and works with clients’ attorneys and tax professionals when those issues have portfolio implications; we do not replace those advisors.
What One Spouse Can Leave the Other
One of the most useful things one spouse can leave the other is familiarity: an understanding of the portfolio, an investment strategy that has already been explained, and an established relationship with the people managing the assets.
If you and your spouse have never attended a portfolio review together, consider making a future review a joint one. Daniel Baumgartner can be reached at our Sparta, New Jersey office at (855) 248-6630 or baumgartner@terranovausa.com. Petra Peters is in New York at (212) 355-1234 or ppeters@terranovausa.com.
Frequently Asked Questions
Should both spouses meet with the financial advisor together?
Periodic joint reviews are valuable even when one spouse manages the investments day to day. The goal is shared understanding: both spouses should know what they own, why the portfolio is structured as it is, and who manages it, even if one follows the details more closely than the other.
What if one spouse knows very little about investing?
That is common. A capable investment advisor should explain holdings, allocation, risk, and investment reasoning in plain language and welcome questions at any level. Confidence and familiarity matter more than technical fluency.
How often should couples meet with their financial advisor together?
There is no universal schedule. Periodic joint reviews can maintain familiarity, with additional meetings when circumstances materially change investment objectives, cash-flow needs, risk tolerance, time horizon, or portfolio structure.
What should couples ask in their first joint investment meeting?
Ask what you own, why the portfolio is structured that way, how the advisor is paid, who holds the assets, how risk is managed, and how major investment decisions are made. Both spouses should understand the portfolio’s purpose and know whom to contact.
What happens if my spouse dies and I have never handled our investments?
Begin by understanding what exists, where the assets are held, and why the portfolio was constructed as it was. Major investment changes often do not need to be made immediately. An existing relationship with the asset manager can make that process considerably easier.
Do you work with German-speaking and European investors?
Yes. Terra Nova Asset Management manages portfolios for U.S. and European clients, including German-speaking investors. Our experience in both U.S. and European markets is particularly relevant for clients whose assets, spending needs, or family circumstances span jurisdictions.
About Daniel
Daniel Baumgartner is a founding partner of Terra Nova Asset Management LLC. Drawing on his background in finance and international business from NYU, he manages personalized investment portfolios and builds long-term client relationships focused on disciplined investment management and individual objectives.
About Petra
Petra Peters, founding partner and CEO of Terra Nova Asset Management LLC, has decades of international banking and asset management experience. With deep experience in U.S. and European markets, she designs and manages specialized portfolios for private and institutional clients.