Woman-Centric Financial Planning Can Help Eliminate Stress

Woman-Centric Financial PlanningCan Help Eliminate Stress andBag-Lady Fears: Financial AdvisorOffers Three Tips to Help WomenPlan for a Stable Financial Future

Seventy-five percent of women will faceretirement alone and as many as 90 percentwill, at some point in their lives, be solelyresponsible for their financial well-being,according to cultural expert and author GailSheehy. According to Pat Hinds, financialadvisor and founder of Granite Financial,because women will likely outlive the men intheir lives, they also will need their financialresources to last longer. "The flip side toneeding finances to last longer is that womencontinue to earn less than men for a variety ofreasons," says Hinds. "This differential in

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earnings can really add up; over a lifetime, theshortfall is around $225,000."

St. Cloud, MN (PRWEB) March 18, 2008 --Seventy-five percent of women will face retirementalone and as many as 90 percent will, at some point intheir lives, be solely responsible for their financialwell-being, according to cultural expert and authorGail Sheehy. According to Pat Hinds, financial advisorand founder of Granite Financial, because women willlikely outlive the men in their lives, they also will needtheir financial resources to last longer. "The flip side toneeding finances to last longer is that women continueto earn less than men for a variety of reasons," saysHinds. "This differential in earnings can really add up;over a lifetime, the shortfall is around $225,000." Hinds believes that most women do not progress alonga straight path from school, through a career and on to

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retirement. Their wealth accumulation curve is notsmooth and dependable. "The important factor forwomen is not so much age, but "life stage" - forexample, young single mother, mid-life divorcee, oldermom, new career at 40, etc.," says Hinds. Sheehy also found that women control 51% of privatewealth in the U.S. and that figure will rise to 66% by2010. Women have outnumbered men in colleges since1979 and in graduate schools since 1984. More thanhalf of all high net worth women investors have earnedtheir own money. By 2015, $15 trillion will be in thehands of women. "It is critical for women to become financially savvyand, at some point to seek professional financialadvice," says Hinds. "They have special needs andinterests and should be conscious of planning for theirindependence, security and longevity. 'Winging it'

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won't work. Neither will procrastination." Hinds offers three tips to help women prepare to claimtheir financial independence. Don't Let Life Get in the Way Women, like men, have limited time - and probablylow inclination - for research, analysis andimplementation. Many women are primarily focusedon daily life. "According to Sheehy, 66% of womensay investing is too complicated to do on their own.While most are "trying to save money," and recognizethe need for financial planning, they are not sure whereor how to start. Many women (and men) experienceinformation overload, lack a clear understanding ofrisk, and may be hesitant to move forward becausethey've previously received well-intentioned but badadvice. And, like all people, it's possible that emotionsmay cloud their vision.

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"Certain times in a woman's life are especiallyimportant when it comes to engaging the services of afinancial professional - career change, businessstart-up, retirement planning, estate/beneficiaryplanning, marital status change and the death of aspouse or parent," says Hinds. "No matter what stage awoman is at in her life, if she wants to succeedfinancially, professional help can be a criticaltime-saver." Finding the Right Professional Help Finding a good advisor is not as difficult as it mayseem. Ask for referrals from successful people - yourattorney, CPA, HR Director, even colleagues andfriends. And then do your homework. Interviewseveral advisors or firms. Ask about their professionalcredentials and inquire about their affiliations andmemberships. Check Federal and State Web sites for

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disciplinary information. Learn as much as you can about them. Find out howlong they've been in business and what education andcredentials they have. What is their investmentphilosophy and what is their commitment to clientservice excellence? Are they an SEC-regulated or astate-governed Registered Investment Advisor (RIA) -if so, they are classified as a "fiduciary advisor" and,by law, must put your interests before their own? Are you looking for a big name from Wall Street?Firms such as Merrill Lynch and Morgan Stanley havethousands of employees, including research analystsand money managers. But big doesn't always meanbetter. Corporate mandates can drive sales decisionsincluding the pressure to sell products, regardless ofwhether or not clients need those products. Proprietaryproducts can lead to conflicts of interest.

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Does working with a smaller, independent advisoryfirm appeal to you? Independent advisors are oftenself-employed (or own their own firm), have theflexibility to choose the products they offer, and thefreedom to act unencumbered by corporate policies orthe needs of shareholders. Independent advisors canprovide more personalized service and as you will beworking directly with the owner and the firm's innercircle staff. Continue asking questions. Who are their otherclients? Are they people like you? Do they have goodcommunication skills and will they have the necessarytime to spend with you for regular planning reviews?What kind of a reputation do they have in thecommunity? Will they provide references? Are theywilling to provide you with a copy of Form ADV PartII or other disclosure documents? And finally - how

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comfortable do you feel with this person? Trust Your Gut When you meet with a prospective advisor, start bytalking about your values, goals and perceived limits.Watch for an expression of genuine concern andrespect. Ask them to explain their planning process andto tell you what kind of regular communication youcan expect from them. Think rationally, but trust yourgut. If you feel like you're getting a hard sell, or you'rebeing pressured to "meet in your kitchen," the person isprobably acting in their own best interest - not inyours. A trustworthy advisor would gladly provide youwith written materials and would definitely be willingto meet with your accountant, lawyer or other trustedadvisor. "Remember that you are the client and the advisorshould be working for you," advises Hinds. "If you feel

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like you are being talked down to, or that the advisorhas an overblown sense of importance, don't wasteyour time. You'll know when you've found the rightperson. You'll feel seen, heard and respected." ###

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Contact Information Patricia Hinds Granite Financial http://www.granitefinancial.net (320) 202-1655 Karen Embry Impact Communications (913) 649-5009

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Woman-Centric Financial Planning Can Help Eliminate Stress