TRUST & ESTATE PLANNING

Women and Wealth: 5 Ways to Become More Financially Savvy

03.24.2021

Eight of ten women in the US will be solely responsible for managing their finances at some point in their lifetimes, yet 56% of women still leave the major financial decisions to men.

In recognition of this trend, and in celebration of International Women's Day earlier this month, we developed a series of programs and resources to educate, inspire, and empower women to take ownership of their financial lives.

How to Shape Your Financial Future

These five tips were offered by our panelists during a live webinar on March 23 called “Insights for Women: Gaining Financial Confidence.” They represent the best practices women are using to successfully confront the financial challenges in their lives, take a holistic view of their wealth, and actively pursue their lifelong goals. Presenters included Senior Portfolio Manager Linda Krouner, Trust Counsel Jennifer McCarthy, and Senior Relationship Manager Amy Ko.

  1. Ask Questions Freely

In meetings with your financial advisor, there’s no such thing as a dumb question. A relationship that makes you feel comfortable asking for help is essential, whether you want to know what a particular financial term means in plain English, need help understanding the investments in your portfolio, or have questions about anything else on your mind. If you don’t feel comfortable asking your advisor to explain something, it’s probably time to find another advisor—one who listens, understands your point of view, and encourages you to ask all kinds of questions without feeling intimidated.

  1. Plan for Life Changes

When life takes a turn, such as losing a spouse or facing the possibility of a divorce, having a plan to fall back on can be comforting and reassuring, and provides clarity in a time of confusion and grief. Likewise, it is just as important to start planning for joyous events as early as possible. If you are getting married, for example, drafting a detailed financial plan will help clear up any confusion that might arise in the future about the goals you want to achieve, both individually and together, the way you think and feel about money, and the assets each of you brought into the relationship.  

  1. Broaden Your Perception of Risk

In the world of investing, risk is basically defined as anything that contributes to the possibility of losing money. But women who take a more holistic view of their financial lives understand that risk can materialize in a number of other ways. For example, if you aren’t clear why your portfolio holds certain investments, you are not aware of your cash flow, or you haven’t revisited who you have named as beneficiaries of your accounts, your goals and financial future could be at risk. An experienced wealth advisor can help you identify potential threats to your wealth that extend beyond your investment portfolio.

  1. Understand What You Own

Even in the most affluent households, women often worry about running out of money later in life. But in many cases, this concern is unwarranted. Their concern comes from not knowing the total value of their possessions, how their wealth is held (in cash, real estate, trusts, etc.), or how long their wealth might allow them to live comfortably. It may be helpful to consolidate your assets with one provider so you may see all your wealth in one view, all in one place. Locate the deeds and titles to your physical property, such as real estate and artwork, to understand the legal ownership and value.

  1. Join the Conversation

In some cases, women are reluctant to participate in financial discussions because the responsibility may feel overwhelming, especially when their estates are complex. Or they are concerned about shaking up family dynamics by taking on a new and unfamiliar role. But knowledge of your financial situation is critical to increase your confidence in your financial future. With this knowledge, you can make better-informed decisions about your wealth.

 

If you want more control over your financial life, please view the replay of our live webinar, Insights for Women: Gaining Financial Confidence, here.

 

 

 



The information provided is intended solely to provide general information. The information and opinions stated may change without notice. The information and opinions do not represent a complete analysis of every material fact regarding any market, industry, sector or security. Statements of fact have been obtained from sources deemed reliable, but no representation is made as to their completeness or accuracy. The opinions expressed are not intended as individual investment, tax or estate planning advice or as a recommendation of any particular security, strategy, or investment product. Please consult your personal advisor to determine whether this information may be appropriate for you. This information is provided solely for insight into our general management philosophy and process. Historical performance does not guarantee future results and results may differ over future time periods.

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