Women Decision Makers
Women’s financial needs are different than men’s. What they want from a relationship with a financial planner is too. They face challenges men don’t. At some point most women will manage their finances on their own.
In the “old days” (not necessarily “good”), women stayed home and raised the kids while men went to work- and handled the finances. At least that’s the traditional telling of it. Of course we all know that that wasn’t really the case. But for many decisions women were left out or their input discounted. Fast forward to today. More women are in the workforce than ever. Single, married, divorce, or widowed. More women than men are in college. In dual income American households, nearly 30% of wives earn more than their husbands (Bureau of Labor Statistics). Women earn, control, and make decisions regarding more money than ever.
All that is great. But you also face challenges that most men don’t. These can significantly impact your financial security as well as your emotional peace and comfort. For example:
- Workplace inequality means many women only earn 70-90% of what men in similar positions do.
Workplace inequality means many women only earn 70-90% of what men in similar positions do.
- Limits on career advancement.
- Reduced income due to time-off, lost promotions, etc.
- Reduced retirement savings and account growth.
- You have a longer life expectancy. The average life expectancy for a woman is as much as 7 years greater than a man’s. Therefore you will likely, if married, be solely responsible for your finances later in life. And you’ll probably need more money than a same-age man.
- It’s difficult to engage with a financial industry that has been, and still is in many cases, oriented towards men. Getting good information and advice (rather than patronizing “help”) to make informed decisions can be difficult.
However, you also have some advantages over men.
- Studies have shown women to often be better investors than men because they don’t feel compelled to compete for returns and they manage risk better.
- You see things in terms of relationships and in a more holistic view. The big picture- and how things integrate and work together- matters. Men are often driven by numbers- and “winning”.
Financial planning has traditionally been a numbers-driven process. Not that the numbers aren’t important, but there really is more to life, and financial planning, than rates of return. At TWS we take a Life Planning approach to financial planning. It’s a holistic approach that starts with the premise that it isn’t all about the money. It’s about helping clients figure out how to solve problems, giving them the knowledge needed to make informed decisions, and building and following the roadmap to the life they envision. With its big-picture view, it’s well-suited to help you address your unique situation and challenges, plan for possible situations- good and bad, and monitor progress as you go. TWS is fee-only, so it’s not about selling you a product to get a fat commission. TWS is a fiduciary, so your best interest has to come before ours.
The financial world, at home and in business, hasn’t always valued or addressed the needs of women. This has been detrimental in many ways. Equal pay, accommodation for family responsibilities, and professional assistance that sees things the way you do are things you should expect- and receive. The Life Planning approach to financial planning, as practiced by us at TWS, strives to give you the information and assistance you need and deserve to allow you to achieve your goals for you and your family.
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