As women are more likely to outlive their male counterparts, longevity is an essential part of a financial plan that is tailored to female clients.Everyone has seen the glossy ads for what we can look forward to in retirement: silver-haired couples frolicking on cruise liners and golf courses, beaming at the camera and having the time of their lives. But an increasing number of people – especially women – are staring down the barrel of a very different reality.
As Canadian women are set to inherit almost half the country’s financial assets – to the tune of $900 billion by 2026 – the need for financial advice has never been greater. Yet, women still don’t reach out to financial advisors as often as they should, says Judy Paradi, partner at Toronto-based consultancyMs. Paradi and her business partner, Paulette Filion, spend their days helping financial services firms and advisors better understand female investors.
“It’s the soft facts that matter,” says Ms. Blaufus, an author, speaker and business coach with The Blaufus Group Inc. in Ancaster, Ont., who has 25 years of experience in the financial services industry. “What I saw on joint field calls with advisors I was training was how often women were completely ignored in the financial conversation. I would see advisors constantly focus on the man and disregard the woman.
Most women, she adds, are motivated not by dollar figures and specific performance objectives, but by what money can do for the ones they love. “We don’t look at money as a means to an end, but how it can help our families. How can we make life better because of it?” “Averages should not be used in [financial] planning as it puts clients at a great risk of outliving their money. So, it’s important to discuss life expectancy and to get an understanding of family history, lifestyle and current health,” says Ms. La Gamba, who recommends using the conservative projection assumptions put together by the Financial Planning Standards Council.
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