Jean is the family matriarch who, at 90 years old, has a meaningful impact today on the three generations below her. As a wife and mother, she took a traditional role for women of her era, raising a daughter, Val, and a son. Her husband worked hard at his role at 3M, which brought the family from Ohio to Woodbury, Minnesota, in 1965. “While it can seem like a daunting task, I like to remind people that you don’t have to pick someone based on their online profile or right away,” Stafford says.
So she took on many roles in the family beyond what was considered “traditional” for women of her generation, including writing checks and paying bills. It is best to choose investment options that align with your goals and risk tolerance. Taking stock of your finances is a simple way to find your answers. For those seeking to nurture or improve relationships with female clients — and vice versa — keep these points in mind. Improving women’s experiences with financial professionals starts with honest conversations and some smart questions. And picking the right pro – one who knows how to listen – is critical.
This is especially beneficial for families where one spouse has little to no earned income. The working spouse can contribute funds to the IRA for the spouse who isn’t working.
With our robust Turnkey Asset Management Platform, we provide comprehensive support across various crucial areas. Advisor training has always been a key focus in helping independent financial advisors grow their practices, and that’s why we offer workshops tailored to every advisor level. Effective financial advisor marketing strategies targeting the female investor audience require a deep understanding of the changing landscape of investing and women’s financial engagement. Women’s significant role in wealth control, investing, and financial decision-making requires custom-tailored approaches and a pivot from current standards in attracting female investors. Bank of America’s recent study found that just under half of women don’t feel confident about their finances. Only 28% of those surveyed felt empowered to take action in their financial future (7).
A comprehensive financial plan can help you approach your retirement with confidence. Here are three actions women can take to become more engaged and feel more financially empowered. Maintaining your career network and continuing your education while you care for your family will help you transition back into the workforce. Aysha Turgut, CEO of Grow Wealth Group, recommends that women shift from a scarcity mindset to an abundance mindset. Use money to make money, and value your time more than your money.
Divorce and spousal death can be major setbacks to retirement planning, especially for women who may be relying on their partner’s retirement savings. To protect against this challenge, women should consider obtaining life insurance and diversifying investments.
Read more about financial literacy for women here.
My experience in wealth planning makes clear that every client, regardless of gender, has different wants and needs. I find clients are most comfortable contributing to conversations when all parties commit to discussing services, goals, priorities and dreams surrounding the client’s financial picture. For more than a dozen years, Patricia Barksdale, her Merrill Lynch Wealth Management advisor, has played a role in helping her navigate the financial aspect of caregiving and more. Barksdale has subtly boosted Whaley’s investing swagger by encouraging her to ask questions and push to learn more. “Today, I’m confident when it comes to investing, but I’m not a risk taker,” Whaley says. Complicating matters, the career breaks many women take to care for family give them fewer years to fund a retirement plan.
Once you know which activities or thoughts cause anxiety, recognize the triggers as they occur. Sometimes, just knowing that an activity is stressful can reduce the anxiety surrounding it. Other times, you need to take an active role in minimizing stress. Either way, reducing financial anxiety begins with identifying your triggers. Before you begin to work with an investment professional—even one who someone you know has recommended—check his or her background.
Setting up automatic withdrawals will lessen the temptation to spend the money on other things while also getting you in the habit of saving. Remembering to place a certain amount of money in a certain account each month can be tedious and very easily neglected. If you and your spouse both have IRA accounts, you can contribute a total of $12,000 for the year.
Through digital marketing, you can utilize specific audience selection. This means using social media and other digital platforms to send messages that connect with women on a personal level. Gender-neutral marketing and other strategies that make women feel empowered and understood should be utilized. The first step is to recognize that everyone approaches money and wealth from a distinct perspective and that not everyone will be the same. Men may exhibit a competitive mindset regarding money management; women’s primary objective is typically not solely the accumulation of wealth but rather enhancing their lives and those of their families. “Women live longer than men, so they’re going to need a bigger retirement fund and women make less money, so it’s more difficult for them to save,” said Leigh Singleton, the director of financial education at banking app Monifi.
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