Financial Planning & Wealth Management for Women
Whether you’re married, divorced, widowed or happily single, you worry about being financially secure later in life. You strive for balance in living a comfortable life today while planning for the future. You would like to help children or grandchildren while not jeopardizing your own financial viability. Perhaps you have a parent, in-law or other family member that will need assistance as they age and you will be the primary care giver. In addition, you worry about your own longevity and how you will afford care as you age.
We will help you take control of your finances, from understanding basic financial concepts to sophisticated planning strategies. We’ll walk you through a comprehensive educational program that gives you the knowledge, skills, and confidence to take control of your finances.
You are not on this journey alone. Shakespeare is with you every step of the way, coaching, educating, cheering, supporting and advising you.
Women and Wealth FAQ
A: It’s imperative that both spouses have a firm grasp of a family’s financial situation. Begin with a conversation and start attending all financial meetings as a couple. Mention to your advisor your willingness to be involved and to learn more and be sure to involved in all correspondence related to your finances. There are countless resources available, as well as one-on-one discussions with your advisor to help jump start your efforts. Even if you are lacking in financial knowledge or experience, trust your instincts when dealing with advisors.
A: This is a common and legitimate concern. The first step to any problem is knowledge. Work with an advisor to learn about your situation and develop a financial plan. Part of this process will include a review of your budget and savings habits to determine any risks and opportunities. In addition, stress test the plan for ‘What If’ scenarios. These may include the pre-mature death of a spouse, divorce, or job loss. Once you understand the financial impacts from these situations, you’re better able to prepare. If your concern still persists, ask your advisor to introduce you to other women who have had similar concerns to learn more. Knowledge is power.
A: A good advisor represents the interests of both spouses and communicates openly with each of you. Have a conversation with your advisor about your concerns and ask to be included in correspondence and all decisions. If you’re not taken seriously, it’s time to find a new advisor.
A: Discrimination in the workforce still persists. Legal action is always an option but there are also other solutions. First, document all of your responsibilities and accomplishments at your job. Schedule a meeting with your boss to ask for their feedback on your performance and role. Make your case for having a larger role in the company and higher compensation. With any job, be sure you’re committed to lifetime learning and developing your skill set. If the company can’t provide a clear roadmap for your career, meet with a career counselor or head hunter to consider other options. In the 21st century, the workforce rewards high performers and employers are always looking for talent. Take control of your career, as your earnings potential is a hugely significant asset and we should all be fairly compensated for our efforts.
A: Don’t be embarrassed. It takes a lifetime of experience AND the appropriate investment tools to make sense of the dozen of investment options typically available to 401k participants. Even for an investment professional, it will likely take several hours of research to make an informed decision. Talk to your financial advisor and have them assist. The advisor should be coordinating your 401k investment allocation with the entirety of your other assets and financial plan. Be sure to review your beneficiary designation, making sure it jives with your estate plan. If you have children under age 18, consider leaving their assets to them via a trust. Your advisor can facilitate how to do this.
A: First, be sure you’re speaking with a marriage counselor to try and keep communication lines open with your partner and salvage the marriage if possible. If necessary, consult with a divorce attorney to learn more about the process of divorce. Although divorce is extremely emotional, the legal process of divorce is relatively structured. If you live in a ‘no-fault’ state, it doesn’t matter if there has been infidelity or neglect. Financially, meet with an advisor that specializes in working with divorcing clients. They will assist the attorney in structuring the divorce decree, helping to calculate the division of assets and income. During this process, you want to get a handle on what your new budget would look like as you transition to single life. This too helps structure the divorce decree. An advisor will assist in determining appropriate amounts to spend on housing, savings, insurance, entertainment, and more. After the divorce, meet frequently with your advisor to review issues that develop and update your financial plan. After 6-12 months, you’ll have a much clearer picture on how your new life and your finances are working.
A: Losing a spouse is dramatically difficult. It’s important that you have peace of mind related to your finances so you can properly grieve and cope with other components of your life. A skilled advisor will meet with you a few weeks after your husband’s passing to handle a few critical issues. In this meeting, they will layout a calendar of meetings over the proceeding 6-12 months to deal with other issues. Consider incorporating adult children or a trusted family friend in the conversation to assist, as two sets of ears and eyes are better than one. Don’t hesitate to ask any and all questions or ask for additional information. It’s important that you feel empowered and listened to as you learn to handle all of the financial decisions.
A: Schedule a meeting with your financial advisor or estate planning attorney to review your estate documents. You should have two Powers of Attorney (POA) documents that operate if you are incapacitated: one will appoint an individual to make decisions for you related to financial issues and the other for medical issues. You will need a Will that determines the disposition of your assets at death. It’s common to have a Revocable Living Trust that operates with your Will. This trust helps avoid the Probate process at death, which is both a public record and a lengthy process. The Revocable Trust also has other benefits when leaving assets to children.
A: You should be communicating your concerns both to your husband and to your advisor. Have a meeting to specifically address this issue. The advisor can provide education and feedback that may ease your concerns. If not, the advisor should provide solutions and recommendations to both of you. If you’re still not comfortable with the result, consult a second opinion.
A: First, there is a wealth of knowledge and programs available to assist kids and improve their financial literacy. For kids ages 10-14, Junior Achievement is an excellent resource to start with. They will provide resources as well as come speak at the children’s school if you can coordinate with their teacher. For kids 14-18, look into programs available at their high school, as most schools now offer financial literacy classes. Along the way utilize an appropriate allowance to teach them how to handle money, including the necessity to save and give to charity. Share with them the basics of your finances, showing them how to write a check, what happens when you withdraw money from an ATM, how your paystub has deductions for taxes and savings. Speak with a financial advisor who can consult with your adult children, teaching them the basics related to budgeting, savings, insurance, taxes, and more.
