Marriage and Family Therapy Applications to Financial Planning

This chapter provides practical applications from the field of marriage and family therapy to financial planning to help make sense of the relational dynamics in clients’ lives and how it can impact clients’ decision making and the financial planning process. It overviews two theories that are foundational in understanding relational dynamics: systems theory and ecological theory. Although some readers might find reading about theory daunting, these particular theoretical orientations lend themselves well to the practice of financial planning. A case study, which follows a farm family business owner who is in the process of developing a succession plan, is presented to apply these theoretical principles to practice. It should be noted that although this business owner is involved in a farm family business, the implications can be applied to any family or any family business.