WEALTHTRACK WOMEN

WIDOWHOOD: THE MOST TRAUMATIC TRANSITION OF ALL

September 10, 2014

Of all the transitions women go through — marriage, childbirth, divorce — becoming a widow quite likely is the most traumatic. Advising recently-widowed female investors is emotionally draining, our financial advisors say. Having previously looked at the need for women investors to think of themselves as “pre-widows” before their husbands die, WEALTHTRACK WOMEN now looks at what new widows must do, and just as importantly, what they should not do, at least not before the grieving subsides.

 

 

What New Widows “Must” And “Should Not” Do

There are certain things a new widow must do. Just as important, there are many things she should not do, at least not for several months, says Maura Griffin of Blue Spark Capital Advisors in New York.

It’s Ok To Disagree With Your Dead Husband

Some widows feel it’s wrong to disagree with their dead husband, says Debbie Taylor of Taylor Financial Group in Franklin Lakes, NJ. But as the grief fades, they are able to start charting their own financial course — and even enjoy the process.

More On Going Your Own Way as a Widow:

The Widow’s Guide to Social Security Benefits

Money Wise Widow

Advisers Must Overcome Grieving Widows’ Disinterest

Many recently-widowed women need help just figuring out what papers are important, says Eve Kaplan of Kaplan Financial Advisors in Berkeley Heights, NJ. She emphasizes that many are so overcome with grief, they have zero interest in planning their financial future, and so their advisers must (gently) push them to take the next step.

 

 

 

 

MORE ABOUT OUR GUESTS

Dorie FainDORIE FAIN

AndWealth

Ms. Fain runs a boutique financial advisory firm for a select group of women who are managing their new-found finances for the first time. She spent 12 years at Smith Barney, where she was the youngest woman ever hired into their training program.

 

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MAURA GRIFFINMAURA GRIFFIN

Blue Spark Capital Advisors

Ms. Griffin has more than 20 years experience in the financial services industry, including stints at UBS Equities Research and Citigroup Private Bank. A graduate of Georgetown University, she is a Certified Financial Planner. MORE FROM MAURA GRIFFIN

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JENNIFER HATCH JENNIFER HATCH

Christopher Street Financial

Ms. Hatch has more than 20 years of Wall Street experience, including stints at JP Morgan and Bear Stearns, where she specialized in high yield bonds and international equities. She is a Certified Financial Planner dedicated to solving the financial dilemmas of same-sex couples.

 

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EVE KAPLAN EVE KAPLAN

Kaplan Financial Advisors

Before starting her own firm, Ms. Kaplan spent many years in international finance in New York, Tokyo, Singapore and Rotterdam. In Rotterdam she managed nearly $1 billion in invested equities.

 

Columns on The Alternative Press

Contributions to Forbes

MORE FROM EVE KAPLAN

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DEBRA TAYLOR DEBRA TAYLOR

Taylor Financial Group

Formerly a practicing attorney, Ms. Taylor heads a full service wealth management firm that provides a multidisciplinary approach to the needs of her clients, which include high net worth individuals and families.

 

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HOW YOUR FINANCIAL PLAN CAN GO OFF COURSE

July 16, 2014

Like potholes on a highway, there are lots of ways your financial plan can go off course. Part of a financial advisor’s job is to teach you how to drive defensively so that your financial plan doesn’t end up in a ditch.

Most People Don’t Complete Their Estate Plans

Gay or straight, when it comes to wills and estate planning, people have a hard time finishing what they start, says Jennifer Hatch of New York-based Christopher Street Financial, which specializes in LGBT clients.

More On Completing Financial Plans: Women Say Financial Planning Too “Stressful”

 

 

Student Debt Can Ruin All Your Dreams

Eve Kaplan of Kaplan Financial Advisors in Berkeley Heights, NJ has clients in their 30s, 40s, and even 50s who can’t afford to buy that nice house they want or, for that matter, do much of anything that costs money, because of the unending burden of student debt. Can their dreams be saved?

 

 

You Need to Think of Yourself as a “Pre-Widow”

Think of it as pre-widowhood, that time when your husband is starting to falter and it’s becoming increasingly clear you’re going to be left in charge of your own finances. As a pre-widow, you need to prepare for what’s to come, no matter how unpleasant the thought, says Debbie Taylor of Taylor Financial Group in Franklin Lakes, NJ.

 

 

For Working Moms, Flexibility is the “Key to the Whole Puzzle”

Beware, single moms: the traditional corporate workplace can not or will not accommodate a woman’s need to work and raise kids at the same time, says Dorie Fain of AndWealth in New York. Above all else, says Fain, a single mom herself, you have to build flexibility into your life . . . and accept that you can’t “have it all.”

 

MORE ABOUT OUR GUESTS

Dorie FainDORIE FAIN

AndWealth

Ms. Fain runs a boutique financial advisory firm for a select group of women who are managing their new-found finances for the first time. She spent 12 years at Smith Barney, where she was the youngest woman ever hired into their training program.

 

MORE FROM DORIE FAIN

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MAURA GRIFFINMAURA GRIFFIN

Blue Spark Capital Advisors

Ms. Griffin has more than 20 years experience in the financial services industry, including stints at UBS Equities Research and Citigroup Private Bank. A graduate of Georgetown University, she is a Certified Financial Planner. MORE FROM MAURA GRIFFIN

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JENNIFER HATCH JENNIFER HATCH

Christopher Street Financial

Ms. Hatch has more than 20 years of Wall Street experience, including stints at JP Morgan and Bear Stearns, where she specialized in high yield bonds and international equities. She is a Certified Financial Planner dedicated to solving the financial dilemmas of same-sex couples.

 

MORE FROM JENNIFER HATCH

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EVE KAPLAN EVE KAPLAN

Kaplan Financial Advisors

Before starting her own firm, Ms. Kaplan spent many years in international finance in New York, Tokyo, Singapore and Rotterdam. In Rotterdam she managed nearly $1 billion in invested equities.

 

Columns on The Alternative Press

Contributions to Forbes

MORE FROM EVE KAPLAN

Twitter LinkedIn
DEBRA TAYLOR DEBRA TAYLOR

Taylor Financial Group

Formerly a practicing attorney, Ms. Taylor heads a full service wealth management firm that provides a multidisciplinary approach to the needs of her clients, which include high net worth individuals and families.

 

MORE FROM DEBRA TAYLOR

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PRENUPS MAKE A LOT OF $ENSE

May 29, 2014

With roughly half of all marriages ending in divorce, prenuptial agreements should be part of a woman’s financial thinking and planning, according to our financial advisers. As unromantic as it sounds, a woman needs to think of marriage — especially if she has significant assets of her own — as a financial transaction. Negotiating a prenup can be an ugly process, our advisers warn, adding that if things get ugly, that can be a signal of how the marriage itself will turn out.

 

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Who Gets Grandma’s Lamp?

Prenuptial agreements are highly personalized and can get very specific regarding who gets what in a divorce, says Dorie Fain of AndWealth in New York.

 

 

We Call It the “Bimbo Clause”

Whether you’re planning a traditional or same-sex marriage, among the most important details of your prenuptial agreement is what Jennifer Hatch of Christopher Street Financial calls “The Bimbo Clause,” as she explains in describing her own same-sex marriage.

 

 

No Pre-Nup? How about a Post-Nup?

Jennifer Hatch of New York-based Christopher Street Financial sees a lot of value in a pre-nup. When there’s no pre-nup, a post-nup may do the job.

 

 

Remarrying? Prenup Essential. Process Can be “Horrible”

The first piece of advice that Debra Taylor of Taylor Financial Group gives a woman considering remarriage is to get a prenup, no matter how difficult the negotiating process may become. And, boy, can it get difficult, she warns.

 

Ugly Prenup Process Can Foretell Ugly Marriage

Women should keep a close eye on the attorney their future spouse picks to represent him in prenup negotiations, advises Dorie Fain of AndWealth in New York. If the lawyer is contentious and/or condescending, that can be a tipoff about how the marriage will go.

 

 

MORE ABOUT OUR GUESTS

Dorie FainDORIE FAIN

AndWealth

Ms. Fain runs a boutique financial advisory firm for a select group of women who are managing their new-found finances for the first time. She spent 12 years at Smith Barney, where she was the youngest woman ever hired into their training program.

 

MORE FROM DORIE FAIN

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MAURA GRIFFINMAURA GRIFFIN

Blue Spark Capital Advisors

Ms. Griffin has more than 20 years experience in the financial services industry, including stints at UBS Equities Research and Citigroup Private Bank. A graduate of Georgetown University, she is a Certified Financial Planner. MORE FROM MAURA GRIFFIN

Facebook Twitter LinkedIn
JENNIFER HATCH JENNIFER HATCH

Christopher Street Financial

Ms. Hatch has more than 20 years of Wall Street experience, including stints at JP Morgan and Bear Stearns, where she specialized in high yield bonds and international equities. She is a Certified Financial Planner dedicated to solving the financial dilemmas of same-sex couples.

 

MORE FROM JENNIFER HATCH

LinkedIn
EVE KAPLAN EVE KAPLAN

Kaplan Financial Advisors

Before starting her own firm, Ms. Kaplan spent many years in international finance in New York, Tokyo, Singapore and Rotterdam. In Rotterdam she managed nearly $1 billion in invested equities.

 

Columns on The Alternative Press

Contributions to Forbes

MORE FROM EVE KAPLAN

Twitter LinkedIn
DEBRA TAYLOR DEBRA TAYLOR

Taylor Financial Group

Formerly a practicing attorney, Ms. Taylor heads a full service wealth management firm that provides a multidisciplinary approach to the needs of her clients, which include high net worth individuals and families.

 

MORE FROM DEBRA TAYLOR

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FINANCIALLY SURVIVING A DIVORCE

May 15, 2014

There may be no greater threat to a woman’s financial security than getting divorced. Research indicates about one in five women fall into poverty because of a divorce, and that about one in three who have children and own a home lose that home because of a divorce. Three out of four women don’t get all the child support they’re promised. Our advisors agree: you need to strategize ahead of time, then be ready to fight for yourself and your children.

 

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Get Prepared and be Aware of Divorce’s “Hidden” Costs

Figure out how much you and your spouse have before filing for divorce, and understand just how much more expensive life’s about to become, advises Maura Griffin of Blue Spark Capital Advisors in New York.

 

 

What’s Mine is Mine

Whether you kept your finances separate from your spouse’s can be a big deal in a divorce, whether it’s a traditional or same-sex marriage, says Jennifer Hatch of leading LGBT financial advisory firm Christopher Street Financial.

 

 

Assume Your Husband’s Better Prepared (and May be Hiding Assets)

Not every divorce is contentious, but many of them are, and you have to assume that your husband, now your adversary, is more ready than you for the battle ahead. Don’t assume he’ll play fair, advises Debra Taylor of Taylor Financial Group in New Jersey.

 

 

The Pep Talk Every Divorcing Woman Needs to Hear

Debra Taylor of Taylor Financial Group in New Jersey has seen her fair share of women taken to the cleaners in a divorce. Here’s what she thinks every divorcing woman needs to hear.

 

In Contentious Divorces, Be Sure to Budget for Therapy

Maura Griffin of Blue Spark Capital Advisors says women involved in contentious divorces should make sure they budget for a therapist, maybe two, since her children likely will need one as well. Be warned: therapists are not cheap; however, there’s a good chance you’ll be covered under your health insurance.

 

 

MORE ABOUT OUR GUESTS

Dorie FainDORIE FAIN

AndWealth

Ms. Fain runs a boutique financial advisory firm for a select group of women who are managing their new-found finances for the first time. She spent 12 years at Smith Barney, where she was the youngest woman ever hired into their training program.

 

MORE FROM DORIE FAIN

Facebook Twitter LinkedIn
MAURA GRIFFINMAURA GRIFFIN

Blue Spark Capital Advisors

Ms. Griffin has more than 20 years experience in the financial services industry, including stints at UBS Equities Research and Citigroup Private Bank. A graduate of Georgetown University, she is a Certified Financial Planner. MORE FROM MAURA GRIFFIN

Facebook Twitter LinkedIn
JENNIFER HATCH JENNIFER HATCH

Christopher Street Financial

Ms. Hatch has more than 20 years of Wall Street experience, including stints at JP Morgan and Bear Stearns, where she specialized in high yield bonds and international equities. She is a Certified Financial Planner dedicated to solving the financial dilemmas of same-sex couples.

 

MORE FROM JENNIFER HATCH

LinkedIn
EVE KAPLAN EVE KAPLAN

Kaplan Financial Advisors

Before starting her own firm, Ms. Kaplan spent many years in international finance in New York, Tokyo, Singapore and Rotterdam. In Rotterdam she managed nearly $1 billion in invested equities.

 

Columns on The Alternative Press

Contributions to Forbes

MORE FROM EVE KAPLAN

Twitter LinkedIn
DEBRA TAYLOR DEBRA TAYLOR

Taylor Financial Group

Formerly a practicing attorney, Ms. Taylor heads a full service wealth management firm that provides a multidisciplinary approach to the needs of her clients, which include high net worth individuals and families.

 

MORE FROM DEBRA TAYLOR

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FIRST THINGS FIRST: WHAT’S YOUR FINANCIAL PLAN?

May 5, 2014

Studies show women aren’t as interested in money and investing as men. Big mistake. With longer life expectancy and today’s high divorce rate, up to nine out of 10 women will be solely responsible for their finances at some point in their lives.

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Anatomy of a Solid Financial Plan

Creating a financial plan is like going to the doctor for a checkup, says Dorie Fain, founder and CEO of AndWealth in New York. The more questions your “doctor” asks, the better her “prescription” for your long-term financial health. Dorie describes a checkup she recently gave a 26-year-old woman who just inherited a large sum of money.

ANATOMY OF A FINANCIAL PLAN

  • What are Your Expenses?
  • What are Your Future Financial Plans?
  • What is Your Financial “Personality?”
  • Differentiating Short, Medium & Long Term Goals
  • Proper Asset Allocation

 

More On Solid Financial Plans : 

Women’s Institute for Financial Education

Discovering Your Financial Personality

Barclay’s Financial Personality Assessment

SEC Guide to Asset Allocation

 

 

Who’s on Your “Team” of Financial Advisors?

Men are more comfortable creating a “team” of advisors to develop and execute a financial plan, says Debbie Taylor of Franklin Lakes, NJ-based Taylor Financial Group. But as Debbie explains, a woman has specific financial needs that require a team of her own.

DIVORCING WOMEN’S FINANCIAL TEAMMATES

  • Matrimonial Attorney — Bring in a Specialist
  • Financial Advisor — Don’t wait until it’s too late
  • Look for a Woman Advisor – Better Understands Your Needs

 

More On Financial Advisor Teamwork:

Barron’s: Financial Advisory Teams are the Future

American Academy of Matrimonial Lawyers

US News & World Report: Should Women Use Female Advisors?

 

 

Single Moms Face “Much Greater” Planning Challenges

Because they’re on their own with little ones depending on them, single moms’ financial planning concerns are perhaps the greatest of all, says Maura Griffin, head of Blue Spark Capital Advisors in New York. Maura describes how a single mom should plan for herself and her family.

SINGLE MOMS’ TO DO LIST:

  • Create a Will — Designate financial executor and guardian
  • Put Aside Emergency Savings — Six to nine months of discretionary spending
  • Buy Life Insurance — Protect child’s home and college education
  • Buy As Much Disability Insurance As Possible — As important as life insurance

 

More On Single Moms’ $ Needs: 

Single Parent Financial Strategies

“Shielding Children” from Single Mom $ Problems

Long-term Disability Insurance as a Single Parent

Disability Insurance and Women

 

 

 

Are You “Unprepared” for Retirement?

Being unprepared for retirement is a “terrible place” for a woman to be, and yet many wind up there, warns Eve Kaplan of Kaplan Financial Advisors in Berkeley Heights, NJ. Eve offers suggestions on how older women can better organize their financial affairs for that next stage of life.

WOMEN’S RETIREMENT PREPARATIONS

  • Put Assets in Right Accounts
  • Equities in Roth IRAs
  • Bonds, REITS, Commodities in tax-deferred accounts
  • Asset Allocation Depends in Part on Retirement Date

 

More On Retirement Preparations: 

“Majority” of Women Not $ Prepared for Retirement

MetLife: “Mature” Women Not Prepared for Retirement

The Best Investments for Tax-Deferred Accounts

Investment Implications of Tax vs. Deferred

 

 

MORE ABOUT OUR GUESTS

Dorie FainDORIE FAIN

AndWealth

Ms. Fain runs a boutique financial advisory firm for a select group of women who are managing their new-found finances for the first time. She spent 12 years at Smith Barney, where she was the youngest woman ever hired into their training program.

 

MORE FROM DORIE FAIN

Facebook Twitter LinkedIn
MAURA GRIFFINMAURA GRIFFIN

Blue Spark Capital Advisors

Ms. Griffin has more than 20 years experience in the financial services industry, including stints at UBS Equities Research and Citigroup Private Bank. A graduate of Georgetown University, she is a Certified Financial Planner. MORE FROM MAURA GRIFFIN

Facebook Twitter LinkedIn
JENNIFER HATCH JENNIFER HATCH

Christopher Street Financial

Ms. Hatch has more than 20 years of Wall Street experience, including stints at JP Morgan and Bear Stearns, where she specialized in high yield bonds and international equities. She is a Certified Financial Planner dedicated to solving the financial dilemmas of same-sex couples.

 

MORE FROM JENNIFER HATCH

LinkedIn
EVE KAPLAN EVE KAPLAN

Kaplan Financial Advisors

Before starting her own firm, Ms. Kaplan spent many years in international finance in New York, Tokyo, Singapore and Rotterdam. In Rotterdam she managed nearly $1 billion in invested equities.

 

Columns on The Alternative Press

Contributions to Forbes

MORE FROM EVE KAPLAN

Twitter LinkedIn
DEBRA TAYLOR DEBRA TAYLOR

Taylor Financial Group

Formerly a practicing attorney, Ms. Taylor heads a full service wealth management firm that provides a multidisciplinary approach to the needs of her clients, which include high net worth individuals and families.

 

MORE FROM DEBRA TAYLOR

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