Transcript of Video
Hi, I’m Joseph Falbo, president and financial advisor for Falbow Wealth Management. When I work with women, part of my service offering focuses specifically on some major issues that concern them. This is a maturing marketplace and it may be dominated by women. Women are becoming major consumers of financial services and key decision makers. Women tend to be the major caregivers for elder parents. Your discussion of caregiving and managing parental assets will affect both male and female clients, but will likely find the more interested audience with women.
Women tend to have longer retirements simply because they live on average six years longer than their husbands. Women will need even more help to handle those extra years, given their prospects for greater longevity, the lack of pension benefits, and more. Women are more likely to live alone in retirement. Issues such as household budgeting, healthcare, financial planning, legacy issues, and investment management will be increasingly taken on by women.
Women will take on an active role in family finances in the future. Increasingly more women control the family finances. Advisors shouldn’t be providing advice to female clients that will help them be just like men. They should be preparing them for a situation that will be unique to women and could be one of the biggest shifts in financial advice of the next few decades.
I understand how this can be overwhelming, but I’m here to help. Sign up today for a free PDF copy of my workbook, Your Second Life. This booklet, coauthored by Barry LaValley of the Retirement Lifestyle Center, will help you understand the benefits of planning ahead to build the life that you want.