Did you know that 60%[i] of the wealth in the United States is owned by women, but 57%[ii] of women surveyed wish they were more confident in their financial decision-making? Men and women think and feel differently about money. This in part is due to the different financial challenges that women face.
Unique Financial Challenges Women Face
On the one hand, women often spend extended periods of time out of the workforce raising children or caring for elderly parents, which can lower their social security benefits and ability to save for retirement. Others struggle with maintaining a healthy work-life balance. Women also statistically live longer than men. This means they are more likely to end up alone through widowhood or divorce later in life. For women who have never handled their own finances or taken charge of their own investing, this change can be overwhelming. These unique experiences make custom financial planning for women essential for success at all stages of life.
Helping Women of All Ages
At URS Advisory, we are keen to the challenges that women face at every age and are here to help. Here a few key life experiences that are made smoother and more successful with the help of our planning services.
1) Multigenerational Planning
We help clients make more informed decisions regarding the eventual transfer of their wealth. With a complete picture of your legacy wishes in mind, we help you put a plan in place that will secure your wishes as prescribed. We can work alongside your estate planning attorney and/or CPA to ensure everything is transferred smoothly and with as little tax liability as possible.
2) Divorce and Widowhood
Statistically speaking, eight out of every ten women will end up alone due to death or divorce.[iii]
For women who left the financial decision-making up their spouses, this can be a scary life change. And even for those women who did take part, suddenly being alone can be emotionally debilitating. Unfortunately, emotional decision-making rarely creates an environment for sound financial decision-making.
We help widows and divorcees with near-term and long-term issues from cash flow management, budgeting, and settling an estate, to buying a car, signing a lease, or even obtaining a mortgage. Our services extend well beyond investment management. We stand by our clients’ side every step of the way to empower them to take charge of and feel financially confident in their new lives.
3) Inheritance and Settlements
Oftentimes, a lack of knowledge and guidance can cause younger beneficiaries to make costly mistakes with their newly acquired wealth. For these clients, we provide the educational resources and guidance needed to maintain a solid foundation of wealth throughout their lifetime. From the power of compound interest through sequence of return risk, we teach women the most important financial planning principles to increase their lifelong probability of success.
Step by Step
As the old adage goes, the first step is often the hardest to take, especially for women who may be taking charge of their finances for the first time. Because short-term financial choices can have long-term impacts, its important for women to have an ally they can trust to help them each step of the way. We believe that no task is too big or too small to assist in, as long as it helps the women we service succeed.
If this type of wealth management relationship sounds like a good fit for you or another woman in your life, we encourage you to reach out. You can book a complimentary initial conversation right through our website here or call the office directly at 561-594-0100. We look forward to getting to know you.
[i] https://www.ubs.com/us/en/investor-watch/own-your-worth.html 11 November 2020
[ii] https://www.allianzlife.com/about/newsroom/2019-press-releases/women-report-steady-decline-in-financial-confidence 11 November 2020
[iii] https://www.ubs.com/us/en/investor-watch/own-your-worth.html 11 November 2020
Disclaimer: Advisory services are offered through URS Advisory LLC, a Registered Investment Advisor in the State of Florida. Insurance products and services are offered through URS Insurance, an affiliated company. URS Advisory LLC and URS Insurance are not affiliated with or endorsed by the Social Security Administration or any government agency. Investing involves risk including the potential for loss, and past performance is no indication of future results. Opinions expressed herein are solely those of URS Advisory. All written content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed in detail with your financial adviser or qualified professional before making any financial decisions.