As an independent woman, whether widowed, divorced, single, or the primary breadwinner in a relationship, you have specific needs and goals when it comes to managing your wealth. If you are fortunate enough to have accumulated significant wealth or are in the process of doing so, you know that with it comes stewardship responsibility for you, your family and those people and organizations you care about within your community. It is important to have a qualified advisor to help you manage your finances so you can feel confident and secure in your lifestyle choices.
While the vast majority of financial advisors are men (female representation is just 15% across channels), the clients making financial decisions are also far more likely to be men than women. In two-thirds of affluent households in the United States, men are the key financial decision makers.1 But this is about to change. By 2030, American women are expected to control much of the $30 trillion in financial assets that baby boomers will possess—a potential wealth transfer of such magnitude that it approaches the annual GDP of the United States.2
For many of you, this may be a welcomed responsibility. For others, it may be daunting. We know well from working with many affluent, independent women that a lot of stress can come with managing your financial house on your own. Who will you trust to help you navigate some of these long-term planning concerns and more?
· Protecting your wealth, your current business and investment interests;
· Managing your wealth wisely so you are comfortable that your independence is secure and that you can live the lifestyle of your choice with confidence;
· Making smart investment & financial planning decisions that seek to mitigate risk and minimize taxes;
· Protecting your heirs and the succession of your assets;
· Preparing for your long-term health care needs;
· Providing for the ability to pay it forward through charitable gifts, if that is something that is important to you.
At McLaughlin Private Wealth, we have always focused on women. It’s organic and in our DNA and we find considerable intrinsic reward knowing we have made a positive impact.
Our process begins with an intimate discovery conversation to better understand you and what keeps you up at night regarding your money. Strong client relationships are at the heart of our values – we are more than just your wealth advisor; we are your advocate and partner through all of life’s challenges and memorable moments. We are committed to finding the right solutions for your personal situation, lifestyle, and financial needs.
By way of example, take the case of a woman who finds herself financially on her own after a divorce. It is crucial to get proper financial and legal counseling through this life-changing event. Here at MPW, we have a Certified Divorce Financial Analyst (CDFA) on our team who provides specialized expertise in planning for divorce, guiding you through the entire filing process, and managing financial affairs afterwards. Those of our clients who engage professional advice BEFORE filing for divorce often have the best outcomes as a single woman.
Or, take the case of a woman who is suddenly independent due to the loss of a spouse. This is yet another life-changing event and one in which we are very adept at handling from both an emotional and practical level. Many of our female clients were a couple first for whom we provided financial guidance. We encourage both spouses to be involved in the planning process which, in the unfortunate event of a loss, makes the transition that much smoother. Regardless of the reason, we always work to lead you in the direction that best meets your needs and situation.
Strong client relationships are at the heart of MPW’s values. We walk by you through all the ups and downs of life, especially in difficult situations like loss or divorce, which is something we take great pride and satisfaction in doing for our clients.
If you would like to read further, below are links to some articles that you might find of interest.
- Skillful Co-parenting After Separation and Divorce
- Safeguarding Assets from an Ex-Spouse
- When Financial Uncertainty Rears Its Ugly Head
Contact us for more information or to schedule a complimentary consultation. And, make sure to follow us on LinkedIn and Facebook to stay up to date with all we have to offer.
1McKinsey & Company Article, July 2020 "Women as the Next Wave of Growth in US Wealth Management" (footnote 1)
2McKinsey & Company Article, July 2020 "Women as the Next Wave of Growth in US Wealth Management" (footnote 3)