4 Reasons Why Women Need Financial Advisors More Than Ever Before

This is a both an exciting and exasperating time in the United States for career women. On one hand, women are outpacing men in earning both undergraduate and master’s degrees – representing 60 percent in each category.

But, on the other hand, they are woefully underrepresented in high-powered positions. The Center for American Progress reports that just 14.6 percent of executive officers are women while only 8.1 percent of top earners and 4.6 percent of Fortune 500 CEOs.¹

As women continue to earn degrees and climb their way to the top, they must also make sure they’re protecting their hard-earned money for retirement. It’s easy to get caught up in the daily grind of work, family, kids and all of the tasks that come along with those responsibilities.

But here are four very important reasons why women must make time to find a great financial advisor (ahem, referrals are a terrific start – click here to check out our affiliate company PLJ Advisors).

1. Women Call The Shots

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In an eye-opening poll by Ketchum, 68 percent of working mothers said they are solely responsible for the major financial decisions of the household.² This is a huge responsibility – and one that not only affects mom, but dad and kids, too. This is perhaps one of the most compelling reasons for securing a highly recommended financial advisor.

A good advisor can help you plan for all kinds of things that come up as we age – from funding medical bills to creating a plan that changes as our life does, so we don’t end up in investments that drain our savings just as we reach the finish line.
2. Women Live Longer

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Because women live longer than men, it’s important that they develop a long-term financial strategy. As people age, needs change. Having a plan in place will not only ensure that your health needs are met, but it alleviates the financial burden from your children and family. A financial advisor’s job is to help you create that plan and navigate it through the waters of time – from changes in your employment to divorce.
3. Pay Gap Exists

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The gender pay gap still exists, despite strides made by women in all professions. The American Association of University Women predicts this gap won’t close until 2152. Today, American women, working full-time jobs, make just 80 percent of what men make.³ Because of this disparity in pay, it’s in a woman’s best interest to make sure each dollar is working as hard as it can. A woman saving for retirement at the same rate as a man in the same job, will only be able to save a fraction of what he can. Although we might not be able to solve the pay gap overnight, we can certainly make sure the money we do make is invested wisely.
4. Active Retirement

older woman with a mask for snorkeling in the sea background

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Baby Boomers are not sitting on the couch, watching Judge Judy, after retirement. They’re traveling, according to a study by AARP. In 2015, boomers reported planning 4 to 5 trips, in that year alone.⁴ But with vacations come big bills. Even cheaper getaways are not free. So for people who dream of travel after retirement, investing intelligently is essential. The earlier you identify a good advisor and work with her to begin planning your retirement, the better your chances of being one of those people taking 4 to 5 trips per year!
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Those who push off planning usually find themselves stressing about money and saving right before they retire. Or, worse, they watch all of their friends retire while they still work – simply because they didn’t plan properly. It definitely does not have to be like this. Meeting with an advisor is actually exciting, because you’re controlling all of the money you’ve worked so hard for. You’re making it work for you now – and that’s a priceless feeling.