When we’re sitting with prospective clients, we often see a similar range of emotions during our meeting. At first, they may be anxious or embarrassed, worried that they didn’t start saving for retirement earlier or that they aren’t really sure how to invest their income. Then, as we talk through their situation, options and possibilities, they begin to relax. They’ve been carrying around the heavy load of worries about their financial futures. Once we create a plan and map out a course of action, that load has been lifted. There are several reasons women in particular delay getting financial advice — and most of them are either misperceptions or myths.
As financial advisors who work hard and earn the trust of our clients, we become a combination of service provider and confidante. And, in today’s age of “there’s an app for that,” when a new financial platform seems to launch every week, financial advisors are still the most trusted source for advice and insight, according to recent research by the Consumer Financial Protection Bureau.
Financial advisors are here to alleviate the very fears that keep people from engaging with us. Our goal is to remove these obstacles and get people the trusted advice they need to improve their financial futures.
“I’m so far behind, there’s no hope.”
Perhaps you’re now in your 40s or 50s and haven’t saved a dime for retirement. The most important thing to know is that you’re not alone. In fact, one survey by Northwestern Mutual estimates that one in three people has no retirement savings. A financial advisor can help you map out a way to get started and help you find strategies such as catch-up contributions and asset allocation to help you save more and manage risk. We can show you how to maximize your Social Security benefit and maybe even help you determine whether starting a business is a good option for you. There are many opportunities for people to accelerate retirement savings — and there’s nothing we love more than figuring out a plan.
“I’m too embarrassed to face a financial advisor.”
Money-related embarrassment and shame is one of the most common obstacles that keep people from getting professional investment help. But, that’s like staying away from the doctor when you need to diagnose a malady. The situation will likely just get worse if you ignore it. From millionaires with no investments to people who lost a great deal of money on a tip from a friend, we have seen it all, and helped clients recover. We are not here to judge you. We are here as resource to help you plan for your future.
Women and financial advice – “All advisors are the same.”
When women are looking for financial advice, it’s important to know how the advisor is being compensated for the recommendations they make. There are several methods of compensation for different financial advisors. Some are commission-based, earning money from commissions on the financial products they sell. Others may be “fee-based,” charging a fee, but also earning a commission. Whenever a commission is involved, there is an opportunity for a conflict of interest, possibly incentivizing your financial advisor to choose products that will pay more versus those that are best for your financial situation.
Sometimes, those fees and commissions can be difficult to spot. They aren’t listed on your statements. Commissions may be embedded as part of other fees or charges. Uncovering the expense ratios for your investments isn’t a transparent process. Sometimes, the only way you can do so is to ask your advisor about them.
Fee-only financial advisors don’t have those conflicts and are completely transparent in what we charge. We simply look for the best possible options for your specific situation. Our only incentive is to do a good job for you so that you and your family work with us for years to come.
“Only wealthy women need an advisor for financial advice.”
It’s not necessary to earn a six- or seven-figure salary to for women to hire an advisor for financial advice. A good financial advisor can help people from a wide range of income levels save for retirement, as well as other life events like a home or child’s college education.
No matter where you are in life, a fee-only advisor can help you set goals for your future. Our purpose is to help you envision a future that’s right for you, then find the best strategies to help you work toward that vision, without judgement or criticism. Our only motivation is to help you find the best investments and strategies for your unique situation. We’re part coach, part confidante, and part cheerleader — and the benefits of a good financial advisor’s knowledge can last a lifetime. Helping you achieve your goals is our greatest reward.
She who hesitates…may never know what’s possible.
Important disclosure information
Please remember that different types of investments involve varying degrees of risk, including the loss of money invested. Past performance may not be indicative of future results. Therefore, it should not be assumed that future performance of any specific investment or investment strategy, including the investments or investment strategies recommended or undertaken by RegentAtlantic Capital, LLC (“RegentAtlantic”) will be profitable.
Please remember to contact RegentAtlantic if there are any changes in your personal or financial situation or investment objectives for the purpose of reviewing our previous recommendations and services, or if you wish to impose, add, or modify any reasonable restrictions to our investment management services. A copy of our current written disclosure statement discussing our advisory services and fees is available for your review upon request.
This article is not a substitute for personalized advice from RegentAtlantic. This article is current only as of the date on which it was sent. The statements and opinions expressed are, however, subject to change without notice based on market and other conditions and may differ from opinions expressed in other businesses and activities of RegentAtlantic. Descriptions of RegentAtlantic’s process and strategies are based on general practice and we may make exceptions in specific cases.
RegentAtlantic does not provide legal or tax advice. Please consult with a legal and or tax professional of your choosing prior to implementing any of the strategies discussed in this article.