In an industry long dominated by husbands as the most proactive spouse in a couple’s relationship with a financial advisor, a seismic shift is beginning to occur. Wives once content to sit on the sidelines of financial planning are now taking a more active role in determining the “what if” scenarios that could impact the family finances. Recognizing this, many financial advisors these days either won’t or are extremely reluctant to meet only with husbands.

Roy Russell is one of those advisors.

As president of The Life Financial Group based in Douglassville, Pa., Russell insists on joint meetings with husband and wife when making financial plans and setting investment goals. Noting that, statistically speaking, husbands tend to die before their wives, Russell said, “I put a lot of focus on the wife. I want to make sure she is taken care of if her husband predeceases her.”
He tells the story of a gentleman who came to him with $300,000 to roll over into an investment. The client was one month out from having a heart transplant. “He looked fabulous,” Russell recalled.

Russell wanted to know where the client’s wife was. The reply he received informed Russell that she did not like to deal with money. She was a kindergarten teacher and hated computers. Russell said he smiled and said, “That is all great, but I still have to meet your wife.” Reluctantly, she accompanied her husband to the next meeting. Russell explained his services to the wife, letting her know that his requests for legal documents such as wills, powers of attorney, living trusts, medical directives and tax filings were for her benefit – so that he could better meet her needs should her husband die.

At the time, the husband’s death was the farthest thing from the couple’s mind. He was on an active rebound with a new heart and a new lease on life. “That all ended nine months later when he unexpectedly died,” Russell said.

“When she first came to my office, I had to spoon feed her in ways she really did not want,” Russell said. “But now she sings my praises.” In other families Roy has helped settle estates, pay off the mortgage, meet with the children and develop a spending plan for the widow.  In addition to taking care of his clients in Pennsylvania he has traveled to Vermont, Michigan, Illinois, Florida, Utah and Arizona.

It is a scenario he sees all too often.

As a committed Christian first, a dedicated husband and family man second and a financial advisor third, Russell said that he has made an unwavering commitment to serving the needs of Christian families and ensuring that the financial needs of widows are planned out long before that status describes them.  He acknowledges that many men die before their spouses and therefore it is wise to prepare.  He quotes the Biblical Scripture of Proverbs 22:3, “A prudent man foresees evil and hides himself, but the simple pass on and are punished,” (New King James version) to support his firm belief that a wise man makes plans to thwart the effects of evil – including financial obstacles.

He often points to Scriptures and cites many of the passages in Proverbs addressing wisdom. He also points to James 1:27 in the New Testament stating, “Pure and undefiled religion before God and the Father is this: to visit orphans and widows in their trouble, and to keep oneself unspotted from the world.” (New King James Version)

His practice hallmarked by looking after the needs of widows puts his money right where is mouth is. He focuses on creating long-term, meaningful relationships with the hundreds of families his firm serves. These are the kind of relationships for which he will travel across the country in emergency situations to fulfill his role as a fiduciary.

Most recently, a deacon in an Arizona church called Russell, asking for help for the family of the church’s associate pastor who was killed in a car collision.  The pastor’s wife simply had no clue regarding financial management. Despite the fact that Russell had never met her, he was on a plane headed west to help.

“Everybody was in shock,” Russell said. “They didn’t know what to do next.”

But he did.

First, he set up appointments with Social Security to get an income stream flowing for the widow. Then Russell accompanied her to an attorney to help settle the estate. He also undertook a forensic accounting approach, searching her husband’s computer and records to discover what resources were left to her. He discovered over $80,000 tucked away for the children in accounts no one was aware of.

He knows that not all financial advisors deliver this type of service. Yet, Russell insisted, “That is our role as financial advisors. Nearly anyone can invest money for someone else. While that is important, we go much farther than that. We make sure that they have correct and updated will and power-of-attorney documents and where appropriate, a living trust.  We review their tax returns each year and in many cases prepare their taxes.  We give ongoing counsel to protect our families so they can stay retired and leave a legacy of significance.  We focus on a relationship not a transaction.” 

Russell and his team have served the Christian community for nearly 40 years.

After spending a couple of years selling life and disability insurance, in 1985 he became disenchanted by the lack of a fiduciary viewpoint and left to start his own financial services practice. But at that time, Russell was not in the debt-free financial position he is today.  He started with nothing but a conviction to encourage and give clear direction to his clients. 
“I love being a teacher and making a difference,” Russell said.

He has developed a team of like-minded financial and tax advisors to work with Christian families across the country.  They also teach in churches presenting their custom three-day seminar called LifeStyle Stewardship Seminar.  This ministry is conducted domestically and internationally.  Recently Russell was preaching in Milan, Italy and in New Zealand helping believers become better stewards and make smart or wise financial decisions.

Russell practices the prudent and Biblical financial habits he started using in his younger years. Still employing these principles, today they benefit charitable giving through a subsidiary firm, Beacon Tax Services. All profits from that firm’s tax preparation go to support matching and challenge grants for various Christian ministries, focusing on adoptions, mission work and Christian education.

As Russell travels the United States and abroad teaching financial stewardship at universities and in conservative, Bible-believing churches, he advises audience members to look for four things in a financial advisor: someone having a relationship with Christ (who is on the same page philosophically), someone with at least ten years of experience, someone with a training or education and most importantly, someone who “takes their own medicine.  Do they manage their own money wisely or are they a basket case financially? 

“It seems as if nobody ever goes here, but the most important question to ask is this: ‘Do they take their own medicine,’” Russell emphasized. “Ask to see their credit report. It’s only reasonable that if I get to know all about my clients, their taxes, investments, spending and debt that they can see mine, or do I have something to hide?   I teach my advisors and staff that they have to keep their own house clean. I want my clients to know that they have people they can trust – people who can handle their own money and are making the same decisions.”

For more information, visit: www.thelifegroup.org