Helping Women Plan

January 17, 2013 § Leave a comment

Happy momma and her kidletsWomen like a different kind of approach than men when discussing investments. Many of us are so involved with the day-to-day money operations of the family budget and have less familiarity with some investment terminology that we just prefer other ways to learn about and to plan for our retirement.

Now versus later – Because generally women are responsible for the day-to-day running of family finances, it is sometimes easy to get absorbed in today and not as easily have the vision for 30 years down the road.  The kids need new shoes every time you turn around and where’s the money going to come from? These are the real concerns of many women.

 So developing an understanding of how small amounts saved now can create wealth in the future is one of the keys to getting some women excited about saving and investments for retirement especially.

 Talked to not ‘at’ – It isn’t done on purpose, but a typical complaint that I hear from women – and frankly some men- who come into my office is that they felt that they were being lectured in meetings with financial professionals. Folks who work hard spend time with an advisor and leave the meeting feeling that they were being sold, or spoken AT not spoken to. Things were not explained as well as they would have liked. Decisions felt as if they were already pre-made for them.

Participatory process – So what  works better? Sometimes we need to broaden our financial planning conversation to issues not necessarily considered the heart of the financial planning process.  Beyond the typical talk of your goals and dreams, questions such as what about managing risk? What do you think would be best for your family in the event this or that occurs provide the breath of information that allows the creation of an even better financial plan.

Some folks in my office get right into the details of a particular product or investment strategy when what generally first needs to be determined is the wisest direction for the family’s financial needs. And wisdom requires all minds working to optimize the best analysis and most suitable products. Then regular conversations are incorporated to keep the plan on course.

That means we need all grown-ups in the family to contribute their best sense of what your family needs for their best future. That makes the most well-rounded plan. (CR8941)

 

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