Comprehensive Financial Planning: A roadmap to help newly single women find financial peace of mind

Comprehensive Financial Planning:

In the intricate world of wealth management, comprehensive financial planning stands as a beacon of guidance, helping navigate your financial journey with clarity, purpose, and efficiency. It’s the cornerstone of a solid financial plan for many but may hold even more significance for women when navigating life transitions following divorce or the death of a spouse.  Whether expected or unpredicted, transitioning to a newly single life is challenging.  You may feel scared, lost, or unsure about your next move, but you’re not alone.  An experienced wealth advisor can help shine light on the path with a holistic approach, guide you forward toward financial peace of mind, and educate and empower you, so you are confident in the financial decisions being made. But what does Comprehensive Financial Planning really mean and how can it help you foster financial security at a time when life feels anything but secure? 

Understanding Comprehensive Financial Planning

At its core, comprehensive financial planning encompasses all aspects of your financial life, acting like a roadmap to help achieve your individual financial goals and aspirations.  It’s more than investment strategies or saving for retirement; it’s about aligning your financial resources with your life goals and values. It involves a detailed analysis and consideration of various financial aspects that are specific to you, including (but not limited to) budgeting, investments, retirement planning, tax strategies, risk management, estate planning, insurance needs, charitable giving, and generational wealth planning.  It helps provide clarity regarding your financial situation, helps set realistic and achievable goals, helps prepare you for unforeseen events, and helps deliver financial peace of mind when all aspects of your financial life are working in harmony.

Benefits of Comprehensive Financial Planning After Divorce or Death

Life’s full of change, but divorce and death are two life transitions that often stop you in your tracks.  The emotional weight of the event hangs heavy and for many decision-paralysis kicks in.  You’re frozen in time as your brain tries to quickly plot your next move, one that typically involves a menu of emotions and significant financial challenges.  

During these times, even the best laid financial plans can go astray as assets are divided and revenue streams dry up.  Whatever the circumstances, taking the lead on money matters can feel daunting, especially if you haven’t previously been involved in your family’s big-picture financial decisions.  And while women are increasingly taking an active role in their financial future, those who experience a Grey Divorce (a split late in life, usually after the age of 50, for couples in long-lasting marriages) or who outlive their spouses may be caught off guard by the enormity of financial decisions they must now make alone.  Now more than ever, having an experienced wealth advisor by your side, to lend a helping hand and offer personalized financial guidance, can be an invaluable tool to help navigate the transition to “newly single” and help empower you to maintain your financial stability and independence.  

  • Newly Single After Divorce: Women tend to have a harder time regaining financial security following divorce because, in addition to a lack of financial confidence, many women take on more custodial responsibility post-divorce, which comes with added financial pressures and emotional responsibility as the primary child caretaker. When it comes to providing financial advice for divorced women, it’s important to act early.  By partnering with an experienced wealth advisor early in the divorce discussion, he/she can help you navigate the complexities of split assets and support, as well as help manage living expenses and plan for future financial independence, among others.  Divorce financial planning focuses on taking stock of your new situation, addressing immediate financial concerns, creating a sustainable financial life post-divorce, and setting long-term financial goals.
  • Newly Single After Death: As long as women continue to outlive their husbands, many women will find themselves alone, following the death of their spouse, and left to take over the financial responsibilities. This can be extremely intimidating for women who weren’t previously involved in financial decisions.  Similar to divorce, when it comes to providing widow financial planning, it’s important to act sooner rather than later.  By partnering with an experienced wealth advisor early, he/she can help guide you through estate planning for widows and benefits claims, and help you make informed decisions to restructure your financial plan, create a sustainable life post-death, and help you prepare for a thriving financial future.

Importantly, be patient but proactive!  The first year following divorce or the death of a loved one takes an emotional toll, especially for women who are caring for children or taking on a newfound financial role.  As you’re thrust into newly single life, it’s wise to not make big changes right away.  What’s key, early on, is to find a wealth advisor to help you find your financial footing and help build a solid foundation, including all aspects of your newfound financial life.  An experienced guide who partners with you, providing compassion and transparency, to understand your needs and customize a comprehensive financial plan to help empower you to achieve financial independence and maintain financial security.

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Data Source: Wikepedia.  Photo courtesy of Adobe Stock.

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