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Women and Finances:
Women have very high financial influence as shown here*:
- Directly purchase 83% of ALL products and services.
- Control 89% of all bank accounts.
- Represent 40% of Americans with $10 million or higher net worth.
- Start businesses twice as often as men, and their employment growth and
revenue growth rates are higher
- Now own nearly half of all privately-held U.S. firms.
Women and Money Confidence
The average age of widowhood is 56 years.
80-90% of women will be solely responsible for their own
or their family's finances at some point.
Women have lower confidence in their ability to manage this
financial responsibility well depending on their background, because they want
to know without any doubt that their decisions really are the right ones for themselves and
their dependents.
Unique Financial Concerns
Longer life expectancy: Women need a secure income for a longer period of
time.
Primary caregiver: Financial planning may be more complex, and the
importance of dependent issues and needs adds complexity.
Retirement catch-up: Because of working "breaks" for child
care, divorce and other reasons, they often have to play catch up when saving
for retirement.
Women and Our Financial Professional Team
It should not be surprising that the top concerns women have when it comes to
selecting their financial and life advisory team are primarily about the
relationship and the team's competence. Women want to know that their
advisors truly understand their goals, that the advisor listens and explains,
and they feel comfortable with them. It really is a team effort.
Women especially need flexibility, but they also desire security and want to
know they have protection in all their financial decisions. This balance
must be a key part of the strategic planning process.
Our approach is to build relationships with ALL our clients. We strive
to create solutions that are custom-built for each client's unique needs. Call
us today to set up an initial consultation and know that you have found a team
that truly cares about you and your long-term success. »
If you have
been recently widowed or are going through a divorce, please contact us today.
We will help you evaluate your alternatives. This is a complimentary
consultation. We are here to support you during your time of need. »
*Sources for statistics above are the Business Women's Network, the IRS, and
NAWBO.
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