Financial Planning Is More Than Numbers (to me)

When a client thanked me for making her financial transition after losing her husband "so smooth," it crystallised why I've dedicated most of my career to financial advising at Lorica Partners. Her experience, contrasted with her observations of a friend's post-bereavement financial stress who had lost her husband at the same time, demonstrates the profound difference thoughtful planning can make during life's most challenging moments.

Planning Before Crisis Strikes

My client's question was simple but powerful: "Why did things go so smoothly for me?”

The answer wasn't about complex financial strategies or investment returns. It came down to three fundamental elements: good planning, clarity about her financial circumstances and objectives, and an open, trusting relationship with her professional advisers.

What made the difference was that these preparations happened before they were needed—while her husband was still alive, though facing a terminal illness. This advance planning created a foundation of financial stability that supported her through an emotionally devastating time.

Practical Steps That Made the Difference

When her husband received his diagnosis, we took several actions that proved invaluable. One of the most crucial steps was arranging a coordinated meeting with the couple’s accountant, insurance specialist, and estate lawyer. This wasn't just a casual get-together; it was a focused session to map out the entire transition process.

During this meeting, we reviewed the couple’s longstanding strategy and discussed whether recent events had caused them to change any of their goals and wishes. We looked at their assets, liabilities, insurance policies, and estate documents. We discussed potential scenarios and how they might unfold financially. Each professional brought their expertise to the table, ensuring we covered all bases.

Together, we created a comprehensive action plan. This included updating their estate documents to reflect future circumstances and requirements. We also ensured she had access to plentiful cash reserves to handle immediate expenses without financial strain. A crucial detail we addressed was verifying she had a credit card in her name that wouldn't be frozen by the bank upon her husband's passing – a small but significant step that can prevent considerable stress during an already difficult time.

This collaborative approach gave my client a clear roadmap of what to expect and what actions would need to be taken, providing her with a sense of control and preparedness during an otherwise uncertain time.

Beyond Financial Security: Emotional Space

Perhaps the most meaningful outcome wasn't financial at all. By addressing these practical matters in advance, we created something precious: emotional space.

My client shared a poignant moment with me. She recounted how she witnessed her friend, who had also lost her husband at the same time, struggle through the overwhelming financial chaos that followed his passing. Her friend was caught in a storm of paperwork and stress, unable to find a moment's peace to mourn.  In contrast, my client told me "I have time and space to grieve”.

When someone loses a spouse, they shouldn't have to simultaneously navigate complex financial systems while grieving. Thoughtful planning creates a buffer that allows people to focus on what truly matters—processing their loss and beginning to heal.

The Heart of Financial Advising

This experience encapsulates why I do what I do. Financial advising isn't merely about investment returns or tax strategies—it's about helping people navigate life's most challenging transitions with dignity and security.

It’s why Lorica Partners purpose is to help people prepare for, and lead them through, major life transitions.

The technical aspects of our work matter, certainly. But they matter because of how they serve the human needs of our clients—providing peace of mind, reducing unnecessary stress, and creating space for what's truly important.  We never want our clients to experience what this client’s friend went through when she lost her husband.

As I told my client, "Doing what I do is an honour and a pleasure." It's about being part of people's journeys through both celebration and hardship, ensuring that financial concerns don't compound emotional ones. 

A Question Worth Considering

If you or someone you love faced a sudden loss tomorrow, would the financial transition be smooth or stressful? Would there be space to grieve, or would practical concerns demand immediate attention?

These aren't comfortable questions, but they're important ones. The greatest gift we can give our loved ones isn't just what we leave behind—it's the care we take in planning how we leave it.

Author: Joseph Portelli