Resources

Blog

Partnership Wealth Management- Wealth Management for Women

Financial Planner Wealth Management Wealth Management Firms May 21, 2018 Author: Woody Derricks
wealth management for women in Arlington

Whether married or single, it is crucial for women to take charge of their finances. In the past, the wealth management industry has primarily catered to men. It was assumed that the man would manage household finances. This outdated practice is changing. Women are now playing a major part in financial planning for their families. Wealth managers are focused more than ever before on building stronger relationships with female investors and helping them in their endeavors.

 

Today’s Woman

Today, more women are active in the workforce than ever before. Female investors are more educated, earn a significantly higher income and assume a more powerful role in the workplace than those in previous generations. Women are managing household finances as well as balancing family, social involvement, caretaking, work, and more. Women are also tending to live longer than men, which creates a greater need for planning.

 

Adjusting to Change

Many factors in a woman’s life can affect their finances. Leaving the workforce to raise a family, caring for a sick family member, or suddenly finding yourself single or widowed can all have a profound impact on your financial health. It is important to be prepared for changes and adjust as necessary.

 

Building Confidence

Female investors expect and demand financial advice based on life situations and financial security. They want to have confidence surrounding investing and financial planning. Lack of confidence can lead women to donate less to causes than they would like or maintain conservative portfolios.

 

Women can gain financial confidence by:

  • Talking to a financial advisor
  • Signing up for educational classes or seminars
  • Seeking knowledgeable individuals such as friends and family
  • Addressing fears and concerns
  • Making a plan and sticking to it
  • Browsing books on financial planning at the library or bookstore

 

Preparing for the Future

Women have some unique issues when it comes to planning for retirement. Women have a longer life expectancy and their money needs to last longer. Women tend to be more risk adverse than men when it comes to investing. Although this can help them avoid losses, it may create less long-term wealth. Addressing these issues can help secure a comfortable future

 

With financial confidence, women can be prepared for their financial futures without overwhelming fear and stress. At Partnership Wealth Management, we understand that women face unique challenges and we have experience helping our clients navigate personal and financial highs and lows. We take the time to help our clients make smart decisions with their finances and treat every client with respect.


The opinions voiced in this material are for informational purposes only and not intended to provide specific advice to any individual. This information is not intended to be a substitute for individualized tax, legal, or investment advice. We suggest that you discuss your particular situation with a qualified tax, legal, or financial advisor.