Private Wealth Management for Women: Financial Freedom and Security

Women often take on more financial responsibilities as they age, with 71% of women over 45 being the sole breadwinners in their households.

According to the article, women tend to live longer than men, with an average life expectancy of 5.5 years more. This means they need to plan for a longer retirement, which can be a challenge for many.

Having a separate account for discretionary spending can help women achieve financial freedom and security.

Women are more likely to take on caregiving responsibilities, which can impact their earning potential and retirement savings.

Women are a growing force in wealth, with more and more founding, growing, and leading successful businesses across multiple industries.

In fact, women are inheriting wealth as part of the largest ever intergenerational wealth transfer, creating opportunities not only for women but also for society.

As a result, women are holding the majority of wealth in the U.S., and this shift in economic power will continue to grow.

According to the U.S. Department of Education, women make up the majority of Bachelor's, Master's, and PhD candidates, but they still face pay gaps and investing gaps.

Women tend to live longer than men, which means they may need their money to last longer and cover more long-term medical care costs than their male counterparts.

Having a solid financial plan can help empower women's financial future, and working with a Private Wealth Advisor and their team of wealth specialists can provide the guidance and support needed.

Here are some key areas to consider in a financial plan:

Financial planning and decision making are crucial aspects of private wealth management for women. Having a solid financial plan can empower your financial future, helping you achieve your goals and secure your financial freedom.

Forty-four percent of women with a private net worth of $100,000 are self-made, demonstrating that women can successfully manage their finances and build wealth. This statistic is a testament to the growing independence and financial acumen of women.

Understanding the "why" behind creating wealth is essential for making thoughtful financial planning choices. This involves considering what motivates you, such as being financially secure, caring for loved ones, or opening new opportunities.

Some key financial goals to consider include saving for retirement, planning for healthcare costs, and creating a long-term care plan. These goals can help ensure your financial security and provide peace of mind.

Here are some common motivations for women when it comes to building wealth:

By understanding your motivations and financial goals, you can work with your private wealth advisor to create a personalized plan that suits your needs and helps you achieve your desired lifestyle in retirement.

Female entrepreneurship is flourishing, creating a greater need for wealth management. Having historically focused on men, wealth managers are now specifically addressing women and crafting a new approach.

As the number of female entrepreneurs grows, so does the demand for tailored wealth management services.

Historically, wealth managers have focused on men, but now they're shifting their attention to women who are creating and managing their own wealth.

Women are driving the growth of entrepreneurship, and with it, the need for wealth management expertise that understands their unique needs and goals.

Wealth managers are now crafting a new approach to meet the specific needs of female entrepreneurs, who are creating and managing their own wealth.

Women's investment preferences are distinct from those of men, with a focus on goals and objectives beyond investment returns. Eighty percent of women currently lead or participate in decisions about family wealth.

Saving for retirement, health care costs, long-term care planning, and income replacement planning are top financial security concerns for women. These priorities are reflected in the growing interest among women in environmental, social, and governance (ESG) investing.

Research suggests that women are willing to take calculated risks, but prefer to invest in organizations aligned with their personal values. About 52% of U.S. women would prefer to invest in businesses with beneficial social or environmental impacts, compared to 44% of men.

Women's investment preferences are often distinct from those of men. Research shows that female investors prioritize planning for retirement, healthcare needs, wealth transfer to their children, and philanthropic intentions.

Eighty percent of women currently lead or participate in decisions about family wealth. This highlights the importance of understanding and appreciating the priorities of female investors.

Contrary to the popular belief that women are more risk-averse, research suggests that women are willing to take risks but prefer that they be calculated and fully understood. This suggests the value of building confidence and aligning investment strategies with women's objectives.

Women are increasingly interested in environmental, social, and governance (ESG) investing, with 52% of U.S. women preferring to invest in businesses with beneficial social or environmental impacts.

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Financial Security is a top priority for many women, and for good reason. Statistically, women today are more educated, marry later, and manage their own finances more actively than in the past. Forty-four percent of women with a private net worth of $100,000 are self-made.

Saving for retirement is a crucial aspect of financial security, and women are often more focused on this goal than men. Eighty percent of women currently lead or participate in decisions about family wealth, highlighting the importance of understanding and appreciating their priorities.

Health care costs can be a significant concern, and it's essential to have a plan in place to cover these expenses. Long-term care planning is also critical, as it can help ensure that you have the resources you need to maintain your lifestyle even in the face of unexpected expenses.

Income replacement planning is another key consideration, as it can help you maintain your standard of living even if you're no longer working. According to the article, this is one of the key financial security concerns for women.

Here are some key financial security goals to consider:

At EP Wealth Advisors, we're proud to have a team where women make up 60 percent of our Private Wealth team, including our Partner/President Laurie Peer. This female leadership and bench strength helps us understand women's unique financial concerns, needs, and priorities.

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Our Women's Initiative is designed to educate and encourage women to take control of their finances, and we believe that all women should be empowered and engaged in shaping their own financial destinies. By providing tools and information, we help women build their financial knowledge and confidence to achieve their goals.

We focus on three key areas: colleagues, clients, and community. Our "Three C's" program inspires our women colleagues to succeed by creating partnerships and open communications between clients, advisors, and planners. This helps women openly discuss the financial issues that impact their lives, while enriching our communities through education and philanthropic outreach.

Women have more money and power than ever before, but research shows they aren't getting the most out of it.

If you're a woman with reservations about managing money, you're not alone. Many women feel overwhelmed by financial responsibilities, which is why some may choose to delegate these tasks to their spouse.

Women today are more financially empowered than ever, but they often struggle to make the most of their financial resources.

To achieve financial well-being, consider these 7 money moves: delegating financial responsibilities to your spouse may not be the best option, as it can lead to a lack of financial literacy and control.

Women who take charge of their finances report higher levels of financial satisfaction and security.

As women accumulate wealth, their financial priorities and behaviors change across generations. Our research shows that age matters when it comes to how women engage with their money.

Women hold nearly one-third of global private wealth, a significant increase from previous years. This shift in wealth distribution presents both opportunities and challenges for women in managing their finances.

As women's financial situations evolve, so do their needs. Education funding is a top priority for many women, who want to ensure their children have access to quality education and a bright future.

Generational wealth planning is also a critical consideration, as women look to pass on their wealth to future generations. This involves creating a strategy for transferring wealth, minimizing taxes, and ensuring the long-term sustainability of their legacy.

Estates and trusts are essential tools for women to protect their assets and ensure their wishes are carried out after they pass away. By establishing a well-planned estate, women can avoid costly probate fees and ensure their loved ones are taken care of.

Caring for elders is another important family need, as women often take on a caregiving role for their aging parents or other family members. This can be a significant financial burden, but with proper planning and support, women can ensure their loved ones receive the care they need.

Here are some key family needs to consider when managing private wealth: