Giving Women What They Want

I recently read an article in the Wall Street Journal that discussed the ways in which women feel they are ignored by financial advisors at private banks.

According to a study from Boston Consulting Group the ladies’ complaints are as follows:

1. “When dealing with a wealthy couple, [wealth managers] ignore the woman and communicate only with the man;”
2. “[Wealth managers] assume women have a low-risk tolerance, and therefore give them less choice;” and
3. “Women feel that wealth advisors focus too much on short-term results rather than life milestones.”

The study found that women want to be treated equal; to be given the same options and opportunities as men. In addition, they want to have advice and services specifically tailored to their needs as women. Perhaps this, then, is an argument in favor of women seeking financial advice from an independent wealth manager, such as Mandalay Financial, rather than a private bank.

From the beginning Mandalay Financial has considered each client’s specific situation, needs and goals – be they male or female – and is an advocate for the financial independence of women. We designed our Ladies First program to inform women that we are aware of their distinct needs, especially regarding what we term “life transitions” (i.e. marriage, divorce, widowhood, etc), and that we are here to educate and help them find solutions that are right for them.

*Information taken from the Wall Street Journal article “What Wealthy Women Want”

Retirement: A Goal Worth Planning

A recent Houston Chronicle article “Early retirement as a low-cost adventure,” seemed to imply that the assistance of financial planners with retirement planning is unnecessary because the advisor views retiring solely as a goal, and not a life to be lived.

Retirement is both a lifestyle and a goal. In my experience, generally retirement means having the ability and option to do what you want – travel, relax, visit friends and family – when you want, without having to work or worry about whether or not you can afford it. While a completely worry-free life may not be possible, it would be preferable to have one with minimal worries. Until one is living the retired life they want, it is a goal to be reached.

Part of being able to have this lifestyle is having the funds to do so, and financial planners can help with that. Admittedly, some people are able to handle everything to their satisfaction on their own. However, it has been my experience that most people are often too busy to be able to keep up with the latest news, products, training, and laws regarding investments. Why not have a professional that can at least take a second look? What if something was overlooked? What if you missed something that could adversely affect your retirement lifestyle?

As a financial advisor, helping clients achieve the lifestyle of their choosing is my goal. I work with them to find ways of helping to secure the funding for retirement, as well as ways of maintaining it. In addition, I try to increase awareness of and create solutions for roadblocks that could hinder clients in attaining the lifestyle that they want.

How Women Are Affected By A Life Crisis

When financial security is interrupted by a life crisis, women are generally impacted to a greater degree than men. A life crisis can take many forms ranging from long-term unemployment to a divorce, or the death of a spouse. Along with the emotional rollercoaster that a life crisis often produces, comes a financial minefield as well – particularly if the crisis is sudden.

While no one is completely immune to the financial effects of a life crisis, these unexpected events can be particularly difficult for women. On average, women live about seven years longer than men; therefore, they are likely to experience more crises than men, as well as having to live with the effects longer. In recent studies American Association of Retired Professionals found that, while various crises have different levels of impact, women seem to bear the brunt.

The following chart illustrates the gender comparison related to adverse effects of different crises.

Not only are women affected more severely, but they also tend to have less money saved for the future than men. Some 52% of women have less than $50,000 saved versus 28% of men with such low savings. With that in mind, Mandalay Financial consultants believe that it is particularly important, for professional women to have a plan of action in place to handle such events to mitigate the resulting impact on their finances. Mandalay provides consulting services designed to empower women to reach their financial goals.