Women's History Month: How to Take Charge of Your Financial Future!

March is Women's History Month, a time to celebrate women’s incredible contributions and achievements. It’s also an excellent opportunity for women to take charge of their financial futures.

Traditionally, financial planning hasn’t always been a comfortable topic for many women. History shows they may have felt intimidated by the complex jargon or considered it their spouses’ job. 

Those days are over. Today, financial well-being is more of a joint effort or the women’s responsibility based on circumstances. But here's the good news: you don’t have to go down this road alone. Consider partnering with a woman-friendly, fee-only financial advisor in Greenville.

Today, more than ever, we are helping women obtain wealth management advice and services tailored to their unique financial needs and goals. Remember, taking charge of your financial future isn't just about securing your well-being; it's about setting a precedent for future generations of women.

Why is Financial Planning Important for Women?

Life throws curveballs. It’s just a fact of life. As a woman, you may experience career interruptions for children, have caregiving responsibilities, and experience longer life expectancies. This is why financial planning for women is essential for your financial well-being and your family.

Having a comprehensive financial plan in place allows you to:

• Have confidence that your finances are in order, which can reduce stress and allow you to focus on your goals and family.
• Plan for significant life events, such as how to cope with a divorce, retirement, or the loss of a spouse.
• Make more informed decisions about your finances so you aren’t second-guessing what you should or shouldn’t do with your assets. 
• Pursue your version of financial independence: Financial security provides freedom and peace of mind, allowing you to live on your terms.
  
  

What Should Your Financial Plan Include?

Financial planning for women often involves strategies tailored to account for longer life expectancies (well into their 90s), potential income disruptions, and the need for prudent investment management to ensure their financial stability and security throughout their lives:

• Income planning is important through various phases of your life. If you are nearing retirement, it becomes even more critical to identify your income sources, such as retirement savings, investments, and Social Security benefits.
• Your financial plan should also include an investment strategy that determines how your assets will be invested:
• How your assets are invested is another component of your financial plan. Asset allocation can ensure the balance between seeking growth of your assets and addressing your capacity to take risks. 
• Asset location becomes essential once you are retired and begin taking distributions from various accounts. Think of asset location as organizing your kitchen for efficiency and convenience. Just as you'd store your frequently used spices and utensils within arm's reach for quick access while cooking and keeping your fine china in a cabinet for special occasions, asset location involves strategically placing your investments in different accounts based on their tax consequences.
• Once retired, you should have an income withdrawal strategy to ensure you are not exposing yourself to unnecessary taxes as you begin using your retirement savings as your source of income.
• You should also evaluate your insurance needs, including health, life, disability, and long-term care insurance, which is important to protect against unexpected events.
• Given your hard work to accomplish your financial goals, you should also have an estate plan that includes a will, various trusts as appropriate, and healthcare directives to ensure your personal and financial wishes are honored.

Watch our managing partner, Joe Hines, discuss three retirement planning mistakes you should avoid.

Why Choose a Fee-Only Financial Advisor?

Choosing a Greenville fee-only advisor can be wise, especially if you have accumulated substantial assets. Fee-only advisors are compensated solely through client fees, either as a percentage of assets under management, a flat fee, or an hourly rate. This structure aligns the advisor's interests with yours, fostering a transparent and objective financial relationship.

It's important for clients to understand how their advisors are compensated and to consider this information when evaluating the advice and recommendations they receive. Whether your advisor is fee-only or is charging a commission, it’s important to understand the difference between the fiduciary and suitability ethical standards. 

• A fee-only fiduciary advisor may charge a fee based on the assets they manage for you. This is typically paid quarterly. By paying a fee, you avoid potential conflicts of interest. As a fiduciary, the advisor is legally required to look out for your best interests, first and foremost. 
• Third parties pay a commission-based financial advisor for the sale of their investment and insurance products. This can create the potential for conflicts of interest. For example, in specific scenarios, an advisor might recommend financial products (e.g., mutual funds, annuities, etc.) that pay higher commissions than those best suited to your needs. Maybe the advisor’s financial incentive is directly tied to selling proprietary products, which might not always align with your financial interests. 

Why Hire a Woman-Friendly Financial Advisor?

Our journey started on Wall Street, where there was intense pressure to sell the products that produced the greatest amount of profit. After all, these were public companies controlled by boards of directors focused on profitability and share prices. Back then, achieving our client's goals took a back seat to achieving the company's goals. 

Fed up with the constant pressure to sell products that weren't always in our client's best interests, we decided to chart a new course and founded Global View.

At Global View Investment Advisors, we take a different approach. As a fee-only, fiduciary firm, commission product sales do not influence our advice. This means we're free to recommend investment options that align with your unique needs, always putting your interests first. Our belief is simple: when we prioritize your success, we all succeed together, and that's a partnership we value very deeply.

Plus, we practice what we preach by investing our money like we do for our clients. And when we recommend third-party managers, their professionals also invest in the same investments they recommend to our clients.

This shared commitment, often missing in the broader financial world, is something we're proud of—a sign that we're on this journey together.

Since Global View was founded, we've been there with our clients through the inevitable ups and downs of the securities markets, using our global financial knowledge to help our clients achieve their financial goals.

To learn more about wealth management solutions for women, connect with us for an introductory call.