The personal finance industry has made strides in female-focused inclusion, though there is still progress to be achieved. Most women feel their goals and priorities aren’t fully addressed in one-on-one meetings and express a desire for more inclusive dialogues. According to Fidelity Investments’ 2021 Women and Investing Study, 77% of women believe that having a financial advisor would bolster their confidence in managing their finances effectively.
At Heritage, we understand that every individual has distinct goals and requirements, and we’ve seen firsthand how much more productive the advisory relationship can be when both parties genuinely commit to understanding each other.
Needs and Services
Financial planning isn’t just about numbers—it’s about how those numbers align with a person’s values and life goals. For example, a mother might be more concerned with how her investment strategy impacts her family’s future than with historical performance data alone.
Many women also seek guidance that goes beyond traditional financial planning, including support with family dynamics and caregiving responsibilities. A study by Bank of America found that 58% of women leave the workforce to care for loved ones, underscoring the need for advisors to address these issues. Additionally, advice on career advancement and salary negotiation can significantly empower women to advocate for their personal, professional, and financial goals. These discussions foster trust and strengthen the adviser-client relationship.
Questions to ask a Potential Advisor
Below are some insightful questions that women seeking financial counsel should consider asking:
- Who is your typical client?
- What is the demographic you typically work with?
- How are you compensated?
- What does an engagement with you look like?
- What services do you provide? Will those services extend to my family?
- Do you ever partner with other professionals with different areas of expertise?
- How will you hold me accountable to my goals?
These questions help in creating a clear understanding of how an advisor can support your personal and financial aspirations, ensuring a partnership that is both productive and satisfying.
Questions a Solid Advisor Should ask You
At the onset of their professional relationship, financial advisers embark on a crucial journey with their clients, beginning with the pivotal steps of goal-setting and cultivating a deep understanding of their client’s aspirations. This initial phase sets the stage for a meaningful partnership built on mutual trust and alignment of objectives. For existing relationships, it’s important to revisit these questions periodically:
- What’s important to you?
- What does investing do for your family?
- What are the goals for your family?
- What legacy do you want to leave for your children or grandchildren?
By consistently prioritizing these foundational questions, advisers not only deepen their understanding of clients’ financial landscapes but also nurture enduring relationships grounded in empathy and expertise. This approach not only ensures that financial strategies remain aligned with evolving life stages and aspirations, but also fosters trust and collaborative partnership.
Plan Ahead with Heritage
At Heritage Wealth Advisors, we understand the significance of building a financial future that resonates deeply with your aspirations and values. We recognize the unique challenges our clients face in navigating their financial journeys, from balancing family responsibilities to achieving career milestones. Our commitment to you extends beyond conventional advisory services; it encompasses a genuine dedication to fostering a supportive and empathetic partnership.
By prioritizing your individual needs and aspirations, we aim to empower you with the confidence and clarity needed to navigate life’s financial decisions effectively. Let us guide you towards unlocking your financial success; together, we can build a future that reflects your dreams and secures your legacy.
