As couples prepare to take their trip down the aisle this summer, financial planners are reminding them to update their financial plan for the future.

Thousands of couples make trips to the florist, caterer and dressmaker in planning a wedding, but a visit to a financial planner to help lay out a strategy for the merger of two financial households should also make the list, investment advisers say.

“It seems like when you’re getting married it very often strikes people to start looking more to the future,” said James Kraemer, a certified financial planner with TFI Services in Winnipeg.

“They’ve never had a plan before, and it’s his and hers and separate plans and more living for the day rather than for the future.”

The key for them is establishing a financial plan based on their mutual goals that should include discussing what can be uncomfortable topics, such as wills, powers of attorney and health-care directives, Kraemer said.

Having those fundamental documents in place can save heartache if something unfortunate happens, he added.

“Sometimes you have to take them back from the wedded bliss and say, ‘Here’s the reality of the situation: You could walk out the door and something could happen, so we have to plan for all eventualities, not the least of which is a long and healthy life for both of you,'” Kraemer said.

Whether the wedding is a quick trip to city hall or an elaborate affair, the marriage that follows normally involves a merger of finances.

And while the couple may think they are soulmates, their portfolios, levels of risk tolerance and investment strategies may need more than matrimonial bliss to come together successfully.

Ron Harvey of Money Concepts said it is not uncommon for one spouse to be more aggressive in his or her investment strategy, while the other will be more conservative.

But priorities such as saving for and buying a home, estate planning, life insurance and planning for children are often common.

Harvey, a certified financial planner in Ottawa, says it all comes back to having some goals, a financial plan to achieve them and then sticking to that plan.

“I always start with, what are your dreams and goals,” he said. “Not having that plan means you tend to live much more for today. You become much more vulnerable to the credit society.”

Harvey said the biggest worry for many couples is the lack of money when they are starting out. But most people can find $50 a month to get started, he said.

“So if you forgo the cost of one and a half cases of beer and throw that into an investment plan for yourself, it’s amazing what will happen to you down the road,” he said.

Harvey said the key is to take the money right off your paycheque before you ever have a chance to spend it on something else.

“It doesn’t exist in terms of other ways to spend it and yet it continues to grow,” he said.

© The Vancouver Province 2005