GRIFFIN & TAYLOR: HIGHER HURDLES FOR WOMEN

June 27, 2014

For the start of our tenth season of WEALTHTRACK we are exploring the unique difficulties women face in achieving long-term financial security. The fact is most women not only outlive their male counterparts, they also save and earn less, a daunting combination when paying for retirement. Two award-winning financial advisors explain what every woman needs to know to build a financial plan to last a lifetime.

WEALTHTRACK Episode #1101; Originally Broadcast on June 27, 2014

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Griffin & Taylor

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MAURA GRIFFIN Founder & CEO, Blue Spark Capital Advisors

DEBRA TAYLOR Principal, Taylor Financial Group, LLC

Consuelo Mack

Dear WEALTHTRACK Subscriber,

Hard to believe, it has been ten years since we launched WEALTHTRACK in the summer of 2005. Our goal then and now is to help our viewers build long-term financial security, through disciplined diversified investing, with advice from some of the top professionals in the business.

This week is no exception.

We are interviewing two award winning financial advisors who are devoted to helping their clients achieve financial security, with particular emphasis on their women clients. They are part of our WEALTHTRACK WOMEN series that we recently introduced on our website wealthtrack.com.

For the most part we have been gender neutral on WEALTHTRACK, figuring sound advice applies to everyone. But on the topic of financial planning there are some distinct differences and facts, pertaining specifically to women, that we cannot ignore.

Individual circumstances can vary but these generalizations apply to most:

* Women live several years longer than men do. That means they have more longevity risk.

* Women are far more likely to be alone as they get older.

* Only 18% of women over 85 are married whereas 58% of men are.

* Women’s spend nearly 3x more than men do on long-term care.

* Yet women’s retirement income is substantially less than men’s. $21,519 on average for women over 65 versus $37,500 for men.

There is what is called a “perilous paradox” for women. Despite their financial needs many don’t adequately plan for their financial future. They are too busy taking care of everyone else. And that is where this week’s guests come in. They are joining us to help women build financial plans.

Maura Griffin is the Founder and CEO of Blue Spark Capital Advisors, a New York City based, fee-only firm providing investment advice, asset management and financial planning for women, men and their families. A certified financial planner, she was given the 2013 Women’s Choice Award for Financial Advisors.

Debra Taylor is the Principal of Taylor Financial Group, a full service wealth management firm based in Franklin Lakes, New Jersey.

She started her career as a lawyer and is a licensed certified public accountant and financial planner as well as being a certified divorce financial analyst. She is also the recipient of the 2013 Women’s Choice Award for Financial Advisors.

We will ask both advisors to give us the most important questions women should ask a financial advisor and the critical decisions necessary to build financial security.

We will also have specific recommendations from Debra Taylor, Maura Griffin and other award-winning financial planners on the WEALTHTRACK WOMEN series on our website. We have also launched a WEALTHTRACK WOMEN Channel on YouTube, so do take a look!

Plus, you’ll find an updated EXTRA from Morningstar’s Christine Benz on our website. It is a list of her specific fund recommendations for portfolios using the “bucket approach” to retirement.

Finally, I couldn’t resist sharing my favorite chart of the week with you. It shows the welcome reversal of a long-term trend. Pass the butter please!

Everything in moderation!

Have a great weekend and make the week ahead a profitable and a productive one.

Best regards,

 

Consuelo. Mathews Asia

Explore Long-Term Care Insurance Sooner Rather Than Later

No Bookshelf titles this week.

GRIFFIN: BE LESS CAUTIOUS

  • Women should be less cautious investors
  • Have 3-5 years of living expenses in safe investments
  • Invest rest of portfolio more aggressively for growth

TAYLOR: BUCKET APPROACH

  • Have 2-3 years of living expenses in conservative investments
  • Have rest of portfolio more aggressively invested for long-term needs
No stock mentions in this episode.
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DO WOMEN OVER 50 NEED LIFE INSURANCE?

Some are keeping their traditional policies for surprising reasons, but financial pros are keen on a combo plan with long-term care benefits.

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WOMEN, INVESTING AND RETIREMENT, PART ONE

American women control $8 trillion in assets, yet the traditional wealth management approach doesn’t necessarily work for women’s needs. In the first of our two part series on Women, Investing and Retirement, Consuelo speaks with Morgan Stanley’s award-winning financial advisor, Ami Forte, and GenSpring’s Senior Strategist, Jewelle Bickford on how women can start taking ownership of their financial power.

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WOMEN, INVESTING AND RETIREMENT, PART TWO

Whether you are male or female, everyone worries about running out of retirement savings.  Women worry about becoming bag ladies in their old age and men focus too much on performance numbers, which isn’t always the best way to plan for the future.  Our two guests on WEALTHTRACK this week, Mary Beth Franklin, part of our WEALTHTRACK brain trust and a contributing editor for InvestmentNews, and Erin Botsford, founder and CEO of the Botsford Group, will answer a lot of questions about retirement and why women are so different from men in their approach to planning for the so-called “Golden Years”.

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Griffin And Taylor: The Longevity Risk

Because the vast majority of women live longer than men a different equation is needed to figure out how to afford retirement. Levels of spending are a key component.


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