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.

 

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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

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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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