Private Wealth Management for Women: 6 Tips

By : Teresa Conley | April 27, 2020

When it comes to personal wealth management, one size doesn’t fit all — and that’s especially true when it comes to female investors. Women control more than half of the wealth in the U.S. — a number that the Federal Reserve estimates will increase to two-thirds of all private wealth by 2020 — and comprise one-third of high net individuals.

Private wealth management for women is something that is not frequently discussed. Yet a 2009 study found that 73 percent of women aren’t happy with the financial services industry; actually, it’s more than just unhappiness — almost three-quarters of women are most dissatisfied with the financial industry, from the services they receive from investment professionals to the products they’re offered. This data highlights the need for women to take charge of their financial futures — and to work with a wealth advisor that recognizes women’s individual investment needs.

These strategic wealth management tips will help.

1. Get Involved in the Wealth Management Process

Whether due to traditional societal norms that excluded women from financial decision-making or a lack of confidence in investing skills, many women cede wealth management decisions to men. But women tend to live longer, so more end up single later in life. That means that the time to get involved in the wealth management process is now, before you’re forced to. Managing your own money though each stage of life is a key to a secure financial future.

2. Make Earning Part of Your Investment Planning

While women have surpassed men in college degrees obtained and are catching up in the workforce — comprising 47 percent — women still make about $.77 to the male dollar, a wage gap that hasn’t moved much in years, says the Wall Street Journal. Reasons for the wage gap vary, but it ends up costing women thousands in earned income, investments and retirement accounts over time. Put priority on earnings by seeking out — and accepting — more lucrative opportunities. 

3. Work with a Retirement Plan Advisor at Every Age

When it comes to retirement, one thing’s certain: The earlier you start saving, the better. Working with a trusted wealth advisor each step of the way helps secure your financial stability in your golden years. Just 10 percent per paycheck can mean millions for a comfortable retirement if you start early and follow a retirement savings plan.

4. Get Out From Under Student Loan Debt

Many women take on student loan debt in order to finance the education that advances their career, only to end up with crushing loads of debt. Consider debt-lowering options such as income-based repayment plans; forbearance and deferment also lighten the load, at least temporarily. 

5. Include Saving Among Key Financial Strategies

Diversify savings just as you do your investment portfolio by developing individual savings accounts, pension or retirement accounts, and Social Security. Due to family obligations that necessitate time out from the workforce, women’s Social Security and retirement savings tend to be lower than men’s, so focusing on individual savings accounts is key.

6. Overestimate Your Future Money Needs

People are living longer than ever; the average woman turning 65 today can expect to live until age 86. Factor in the effects of inflation — making your money buy less — plus the costs of healthcare and taxes, and it’s easy to see why it’s better to overestimate the amount you’ll need in retirement. Aim to replace 100 percent of your income to keep up with your current lifestyle. 

Private wealth management for women is certainly possible; working with a wealth advisor that understands women’s investing will help you take charge of finances and ensure future stability. 

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