Apart from love and compatibility, there are various factors taken into account to make sure weddings are perfect. If any of your clients are getting married, here are some tips you can give as an advisor so that there are no errors on the financial front


1. Create a wedding budget
Help your clients make a detailed plan covering all the marriage expenses which will be incurred. Many people keep money aside for weddings. Keeping the savings in mind, financial advisors can determine the extra amount needed and accordingly, talk to clients about tackling expenses. Many couples have a tendency to go overboard with the costs. Ensure that they stick to the budget.


2. Understand the money habits
Before the wedding, financial experts should sit together with the client and his or her partner to be aware of their lifestyle. Talk about their earnings and spending patterns. Have a detailed discussion about topics such as investment goals, if they have invested any money in equities, SIPs, retirement plans etc.


3. Stay away from debt
There are several offers on credit cards, EMIs, personal loans which can lure your clients to fall into the debt trap. Financial experts must discourage them from taking so much debt and instead persuade them to begin saving for their wedding 6-12 months in advance. They can also arrange for funds from friends and relatives since these loans will be free from any interest.


4. Do all the paperwork
After getting married, the first thing your client must do is finish the required paperwork. Right from life insurance, bank accounts to any other investments where the spouse has to be added as a nominee, advisors must assist clients in getting all the financial papers updated. If there is a name change, clients will have to begin with updating Aadhaar, passport and PAN. Moreover, ask your clients to deposit all the money received as wedding gift in the bank and inform them that this amount is tax-free.