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Need advice: Parents planning for weddings
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refin93 View Drop Down
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Points: 2 		Post Options Post Options   Thanks (0) Thanks(0)   Quote refin93 Quote  Post ReplyReply Direct Link To This Post Topic: Need advice: Parents planning for weddings
    Posted: Aug/12/2021 at 9:03am

I have had a few conversations with clients lately who want to start preparing for their kid’s weddings.  Would love to get some expert opinions.


1. How are parents typically saving for life events like this?


2. What kinds of financial products are best for this?


3. Has anyone seen any technology tools that help parents save for and disperse funds to their kids for weddings?


4. What are some of the biggest pain points for the parents in this process? How can I help them avoid these?


Thanks in advance!
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mindtech View Drop Down
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Points: 439 		Post Options Post Options   Thanks (0) Thanks(0)   Quote mindtech Quote  Post ReplyReply Direct Link To This Post Posted: Aug/12/2021 at 9:14am
I don't think you get what we do here.

We're asset gatherers..... and we generate revenue.

Tell your clients to take out a loan to pay for the wedding
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B24 View Drop Down
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Points: 28776 		Post Options Post Options   Thanks (0) Thanks(0)   Quote B24 Quote  Post ReplyReply Direct Link To This Post Posted: Aug/12/2021 at 9:17am
Not sure if you're serious. Most of my clients just pay for the weddings. I'm in an area where you are probably looking at $25-50K for a typical wedding, and most of my clients have that without having specifically saved for it.

Obviously, weddings can get WAY more expensive, but that's typically the case with families that have plenty of money.

I think with most of us, we work with clients that have enough money, at a time in their lives when expenses are their lowest and incomes highest (think late 50's, early 60's), that they can just pay for a wedding outright, even it if means financing it on a credit card for a few months.
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WarPig View Drop Down
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Originally posted by refin93 refin93 wrote:

I have had a few conversations with clients lately who want to start preparing for their kid’s weddings.  Would love to get some expert opinions.


1. How are parents typically saving for life events like this?


2. What kinds of financial products are best for this?


3. Has anyone seen any technology tools that help parents save for and disperse funds to their kids for weddings?


4. What are some of the biggest pain points for the parents in this process? How can I help them avoid these?


Thanks in advance!

Do you work with alot of Inidan families?  For anyone else I just can't see this as being an issue
If you invite me to lunch, I'll report you.
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Spaceman Spiff View Drop Down
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Originally posted by WarPig WarPig wrote:

Originally posted by refin93 refin93 wrote:

I have had a few conversations with clients lately who want to start preparing for their kid’s weddings.  Would love to get some expert opinions.


1. How are parents typically saving for life events like this?


2. What kinds of financial products are best for this?


3. Has anyone seen any technology tools that help parents save for and disperse funds to their kids for weddings?


4. What are some of the biggest pain points for the parents in this process? How can I help them avoid these?


Thanks in advance!

Do you work with alot of Inidan families?  For anyone else I just can't see this as being an issue
No kidding. I have one who just spent over $100K on his son’s wedding back in India.  And they’re going to do it again, but smaller, here.  Probably about $150K total.

As to wedding planning - it’s simple - give the kids a budget that makes sense for the parents and tell them that’s the limit. If mom and dad are struggling to hit their own financial goals taking out a loan or spending crazy money on a 20 minute ceremony and a big party is just dumb.  If they want to spend more than the budget, it’s out of their pocket. 

Most parents, at least with my clients, don’t think about saving for a wedding until their kids are teenagers.  So your investments need to be conservative.  If you want to keep it simple use a target date fund.  Wedding planning isn’t typically one big check.  It’s a lot of smaller checks over the entire process, so ease and liquidity are important.  

I just did all this with one of my top 5 clients, so it’s pretty fresh in my mind.  

Alternatively - have the parents tell the kids what the budget is and that they can either spend it on the wedding or they can have it for honeymoon, first house, college planning, or whatever they want.  The wedding might get a lot cheaper pretty quickly. 
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knuk View Drop Down
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Points: 8254 		Post Options Post Options   Thanks (0) Thanks(0)   Quote knuk Quote  Post ReplyReply Direct Link To This Post Posted: Aug/12/2021 at 11:03am
Originally posted by refin93 refin93 wrote:

I have had a few conversations with clients lately who want to start preparing for their kid’s weddings.  Would love to get some expert opinions.


1. How are parents typically saving for life events like this?


2. What kinds of financial products are best for this?


3. Has anyone seen any technology tools that help parents save for and disperse funds to their kids for weddings?


4. What are some of the biggest pain points for the parents in this process? How can I help them avoid these?


Thanks in advance!


go to XYPN and ask there. Or bogleheads.


Edited by knuk - Aug/12/2021 at 11:03am
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Wet_Blanket View Drop Down
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Points: 46820 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Wet_Blanket Quote  Post ReplyReply Direct Link To This Post Posted: Aug/12/2021 at 7:09pm
The true 🤡 was the Biden voter all along.
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