FREMONT, CA: Women have unique wealth planning challenges, and wealth owners need customized plans. Women control one-third of global wealth and are rising fast. Increasing representation in the workforce, especially top management and higher education, allows women to make more money. Women's vulnerabilities can be addressed with a comprehensive wealth plan. The sooner a family meets, the more time they have to create a long-term plan that covers all bases and benefits everyone. Women will work with business partners, raise children, inherit riches, and care for aging parents.
Understanding internal and external dangers, distributing family duties, and building security mechanisms are more important than wealth planning from a single standpoint. Yet, a strong plan will address financial independence and family asset information for female wealth owners. Starting a family wealth discussion can be difficult, as it includes finances, risks, and solutions. Wealth owners can get the whole family on board by letting everyone have a say, especially the kids.
Customization is ideal: Investing is crucial, but family wealth includes other things. A good asset management plan is holistic and personalized. It covers a family's lifestyle, real estate, venture capital, and philanthropy, ensuring worldwide mobility. It also meets the wealthy owner's and family's wants and ideals. Women face unique financial challenges. Each client requires a customized plan. The financial issues women face are the gender wage gap, maternity leave, flexible conditions, a higher life expectancy, and lower risk tolerance.
Dependable sparring partner: Women require a specific wealth counsel. Only 35 percent of female clients consult their financial advisors quarterly or more regarding retirement planning or goal progress. Female investors worldwide believe their wealth manager or private banker misunderstands their goals or lifestyle. A comprehensive plan addresses all these concerns. Women need a trustworthy sparring partner who takes the time to understand them. An advisor who empowers them to manage their wealth. An advisor who watches family and company changes to alter the plan.
All-season plan: A wealth management plan helps protect the wealth owner and their family from legal and other risks. Diversifying risks protects their income from significant geopolitical events. It also safeguards against divorce, death, and shady business partners. A strong wealth plan ensures business continuity and a smooth transition to the next generation and beyond. It safeguards the business from internal and external dangers and creates a robust corporate governance system that incorporates and supports the family's most trusted members.
