Until recently, it seemed that the world of finance and financial advising had missed the women’s liberation movement entirely. Matters of money were still considered to be reserved for men, and women were taught to marry well and let their husbands worry about the family finances. As simple web search shows, however, that in 2016 is when the financial advising world started to realize that it was finally time to realign its focus to the modern reality.
Women are more than 50% of the world’s population and hold 30% of the world’s private wealth. That is a large portion of the world’s wealth to simply ignore. In addition, today’s women are more educated than their male counterparts. In 2015, 60% of women had at least some college education or higher compared to 58% of men. More women are getting graduate degrees every year, and they are going on to accept more professional and leadership responsibilities.
A closer look at the financial planning needs of women, however, shows that they are not the same as those of men. Women’s career paths are different and often involve taking time off to be a caregiver. In addition, women make less money than men but need to make sure their retirement money lasts to meet their longer life expectancies. These are just some of the reasons women have different financial planning needs than men.
PFA is not just jumping on this new financial advising trend. Founded by a woman, PFA has always understood that women should have a different approach to financial planning. As a result, women make up 60% of the firm’s clients. The entire team of advisors is trained to understand each individual’s needs and take an approach that suits each person’s goals.
*This content is developed from sources which are believed to provide accurate information. The information provided is not written for or intended to be financial, tax or legal advice and may not be relied on for purposes of avoiding any federal investment laws, tax penalties or any other laws. Individuals are encouraged to seek advice from their financial advisor, tax advisor or legal counsel. Individuals who wish to be involved in an estate planning process should work with a trained estate planning team, including a lawyer and tax counsel. Neither the information presented nor any opinion written or expressed constitutes a representation by PFA of a specific investment or the purchase or sale of any securities. Diversified portfolios and asset allocation do not ensure profit nor do they protect against loss in a declining market. PFA makes no representations to ensure profit or protect from loss. PFA developed this material to provide information on a topic that may be of interest to the reader.