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2 Questions Widows Should Ask Themselves About Their Financial Advisors

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Published by Taylor Financial Group (for women)

A shockingly high percentage of women (up to 70%) fire their financial advisor once they become widowed. Even more surprisingly, many of these women don’t plan on leaving their financial advisors while their husbands are still alive. However, upon becoming widowed, they reassess their client-advisor relationship and choose to leave. The main reason for this change? Many women aren’t feeling a connection with their financial advisors!

In many situations where women aren’t feeling a connection with their financial advisors, it stems from a lack of personalization on the part of the advisor. The fact is that the financial advice industry is dominated by men who aren’t always the best at listening to or understanding their female clients. Therefore, when widows evaluate their relationships with financial advisors, there are two main questions they should ask themselves.

1. Does my financial advisor listen to my concerns and understand my point of view?

Your financial advisor should be taking the time to listen to your concerns regarding your financial future. Furthermore, you may have slightly different priorities for your financial future as a widow, and your financial advisor should take the time to understand that and offer real solutions.

2. Has my financial advisor updated the financial strategy used when my husband was alive based on my needs and wants?

Just as your financial advisor should listen to your concerns regarding your financial future, your financial advisor should also be prepared to update your financial strategy if necessary based on these changes in your life. Although not always necessary, many widows might want to amend their financial plans to reflect their changing priorities. In fact, we have found, time and time again, that once women become widowed, we help them grow into their role and they feel empowered to make decisions differently than their husbands did.

In summary, widows should evaluate their relationships with their financial advisors to ensure that their financial plans reflect their financial needs. At Taylor Financial Group, we provide our clients with personalized financial plans, and regularly meet with our clients to ensure their plans reflect their changing needs. If you have any questions or concerns about your financial plan, feel free to reach out to us at Taylor Financial Group so we can help you create a more positive financial future.

Sources:

  1. For Some Widows, Breaking Up with an Advisor is Easy to Do, CNBC 2014
  2. How to Retain Female Clients After a Spouse’s Death, ThinkAdvisor 2017

 

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