Financial Planning for Women

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financial planning for womenThere is a prevailing wind in the investment management and financial planning world to offer services that are targeted to women. Big companies like Morgan Stanley and Northern Trust regularly sponsor small group sessions covering investment strategy, financial planning, and economic outlook for a female audience.

While upping your game in terms of financial literacy is never a bad thing, the question you need to ask yourself is do you really need advice that is gender specific?

Here are a few things to consider when choosing the type of advisor that will work best for you.

How Investment Literate Are You?

According to a survey conducted by WorthFM, 44% of women indicated that the only investing they did was related to their 401(k) plan. If this sounds familiar to you, you may want to seek out an advisor who works with women and has a more macro approach to help expand your overall understanding of investments and investing.

If, however, you have been actively involved with making investment decisions beyond retirement accounts, you may prefer working with an advisor who is more micro in their approach to dealing with clients.

If you fall somewhere in between, make sure that you feel comfortable asking questions and that you are getting responses that are clear. It’s more important to understand why you are investing in something than to make a decision because it’s what everyone else is doing.

How Long Have You Been Working?

If you have been steadily pulling down a paycheck since college without taking extended breaks to raise children or care for family members, your investment strategy may be different from someone who has been in and out of the workforce. If you left a career to stay home and are now back in an office, you may find that working with a group that caters specifically to women helpful.

In addition to a gender pay gap, women who have been in and out of the workforce face different investment strategies because of reduced income expectations relative to social security, 401(k) savings, and general time spent earning. An advisor who is not only savvy but also empathetic about these issues can be a true advocate for you.

What Is Your Status?

Are you single? Divorced? Married? Widowed? Each of these statuses can impact how you decide to invest and with whom you decide to place your investment trust. Particularly if you newly widowed or divorced, working with an advisor that you trust and feel comfortable with is important. A female-centric firm or investment group can provide information that is relevant to your new status, and can also put you in touch with other people in your situation.

Choosing an investment or financial advisor is a highly personal decision. At Mooney Lyons, we understand this and offer a range of professionals and services to help you make decisions that meet your current and future needs. Call our offices today to set up an appointment to discuss what type of strategy works best for you. Our goal is to help you plan today for a better tomorrow.

Content is this material is for general information only and not intended to provide specific advice or recommendations for any individual.  Investing in stocks, Exchange Traded Funds (ETFs), and mutual funds involve risk, including possible loss of principle.  No strategy assures success or protects against loss.  WorthFM, Sum 180, Morgan Stanley and Northern Trust are not affiliated with LPL Financial.

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