A Newly Single Woman’s Guide to Selecting the Right Financial Advisor

A Newly Single Woman's Guide to Selecting the Right Financial Advisor

The unexpected days are the days we never plan for. The times we never thought would come or the days we dared to think about. But divorce and death are real chapters in our stories, and adjusting to life without a partner can feel overwhelming. At this moment, you need a trusted guide, especially when it comes to your finances, to shine light on the path and lead you forward. But with so many financial advisors available today, how do you find the right fit for you? Four simple questions may help provide the financial peace of mind women need when choosing a wealth advisor.

1. How many female clients do you have?

A woman’s financial priorities and investing preferences can vastly differ from their male counterparts, e.g., in general, women are more focused on wealth preservation, while men are more focused on wealth accumulation. Choosing a financial advisor who already works with women and recognizes the specific needs of those who are newly single may help provide a greater sense of comfort, foster better communication, and increase the likelihood of understanding the what and why behind your financial plan.

2. How do you help women reach their financial goals?

As mothers, daughters, wives, and so much more, many women are natural caregivers and are taught by society to always put others first. As such, women tend to be more conservative, risk-averse investors. Whether, you’re considering buying a new home, opening your own business, or planning for your children’s college education, make sure to ask potential advisors what resources/assistance they offer to help women reach the financial goals that matter most to them.

3. How do you help women plan for retirement?

It’s common knowledge that women tend to outlive men, so running out of money in retirement is a reality that women should prepare for. Retirement planning, however, isn’t just about investments; there are many other factors to consider, including Social Security claiming strategies, tax-reduction strategies and tax planning, risk management, and estate planning. But it doesn’t end there! Along the journey of life, there are houses to be bought and sold, new cars, divorce settlements, debt management, borrowing needs, alimony, inheritance, and life insurance to name a few. Your wealth advisor should incorporate all aspects of your financial life into a plan aimed at meeting your life’s immediate and long-term goals.

4. How often will we meet to discuss my financial plan?

Financial wellness appointments are critical, but let’s face it. Women are busy! Between work, kids, family, and the daily grind, one could say women are the expert multi-taskers. Given most women’s hectic schedules, it’s important to find out how accessible your wealth advisor will be, how often they will meet with you, and what other resources they offer to stay connected, e.g. online tools to access your account and ways to keep abreast of economic events.

Whether you’re a woman who’s redefining herself after a divorce or simply finding herself following the loss of a life partner, it’s crucial to find a wealth advisor who listens to your needs, understands what matters most to you, and thinks beyond the charts and graphs. Remember, financial advice and planning is more than just numbers; it’s about your life.

LSIA is here to help you and answer your financial questions. CLICK HERE to contact us.

Data Source: Hartford Funds (Understanding the Differences between Male and Female Investors by Dr. Vicki Bogan). Photo courtesy of Adobe Stock.

LS Investment Advisors, LLC (dba LSIA) is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.