Whether you’re a businesswoman like the late Coco Chanel, artist like Taylor Swift, stay-at-home mom, grandmother, or philanthropist, creating a well-thought-out, comprehensive financial plan that builds on your success for the long term – and isn’t swayed by short-term turbulence or fads – can help give you the confidence you need to make sound financial decisions for your family and add to your peace of mind.

It doesn’t require a passion for style, extraordinary singing/songwriting talent, access to a college education, or many zeros of net worth for a woman to successfully oversee the financial affairs of her family and enterprises. In fact, increasingly women are doing exactly that, and making financial history in the process.

In 2021, Janet Yellen became the first female Treasury Secretary of the United States. Yellen’s economic leadership example is significant as women gain wealth and influence.

A July 29, 2020 article by McKinsey & Co. predicts that by 2030, women in the U.S. will achieve unprecedented independence-granting success. They are also expected to inherit an estimated $30 trillion from aging parents or spouses.

‘Myth’ Information?

Recent reports continue to dispell myths that women are more conservative or risk-averse when it comes to investing. In fact, a February 28, 2022 UBS Women and Investing Report and a 28 June 2018 UK Study by Warwick Business School found that this is not the case, showing that women are simply more cautious and in fact, outperformed men by 1.8% in investing per annum, when portfolio building among 2,800 investors. According to the study, factors contributing to these results included more research, lower trading, and a longer-term investment perspective.

Considering that most Americans want to preserve retirement savings, patience is indeed crucial in investing, for meeting long-term financial goals. When planning for a future where the goal is to have peace of mind, compound growth usually involves steady investments over time, while speculative investments may carry an increased risk of loss. Financial decisions, such as pensions, career changes, retirement, and wealth transfer can be complex and time-consuming. It’s important that women, working with a qualified fiduciary advisor,  play a key role in her family’s financial decision making, to help protect their lifestyle and legacy.

Some ultra-high-net-worth female family office clients are helping to set the standard in financial planning. Mothers and grandmothers often worry their heirs might not be prepared to take over when it comes to the management of the family estate or the succession of the family business. Under these circumstances, they typically opt for a well-thought-out, written financial plan to provide their family with a sense of clarity and security. Encouragingly, a March 2020 U.S. Bank Survey found that 37% of women said they had clearly defined financial goals and one-third of them were following a sound financial plan.

Women Know the ‘Score’

Recognizing that no two situations are alike, the Nichols Wealth Partners proprietary Scorecard can help you evaluate and “score” where you are across ten financial criteria. You can gain clarity on where you are and where you’d ideally like to be in areas such as preserving wealth, mitigating taxes, and protecting yours and your family’s financial future in retirement and beyond. Complete the complimentary Scorecard, now and take the first step to creating your own proactive family wealth plan. We believe the insights you will discover will be profound.

As we celebrate International Women’s Day, Nichols Wealth Partners joins in honoring women’s excellence in financial stewardship and encourages even more women to assume leadership roles in financial decision-making and planning.

Taiana Daniel is the Director of Business Development with Nichols Wealth Partners, a Destiny Wealth Partners firm.

Investment advisory services offered through Destiny Wealth Partners, LLC, an SEC Registered Investment Advisor. Destiny Wealth Partners also conducts business under the name Nichols Wealth Partners.

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