News and Commentary

Women Increasingly Stepping into Roles as Investors, Family CFOs By Jessica Pendergraft, CFP®*, CDFA®

While women traditionally have wielded some level of influence over their families’ financial decisions, a growing number are flexing their financial muscle even further. Recent studies suggest that women are increasingly taking on larger roles when it comes to investing and retirement planning.

This evolution makes sense when considering that women live longer than men and face a far greater risk of financial devastation following a divorce or death of a spouse, regardless of their personal net worth. Moreover, women earn less than their male counterparts despite earning a higher share of graduate degrees, and they are three times more likely than men to take time off or leave their careers entirely to care for younger children or aging parents.

In today’s world, there is no reason for women to take a backseat when it comes to financial planning and well-being. Real-time information is available at the click of a button, and a growing number of financial advisors are catering to women’s unique needs and goals. To get an idea of the growth of women’s wealth and the control they are taking over their financial futures, consider the following:

The first step to getting and staying on a lifelong path of financial wellness is to identify a professional advisor with whom you feel comfortable discussing your family’s unique dynamics, needs and the specific aspiration you hold for yourself. After all, financial planning involves far more than making investments in the public equity markets; it provides a forum for you (and your spouse if you are married) to become engaged in often difficult financial conversations, identify your goals and develop appropriate strategies to help you meet those objectives. This may include helping you create a budget, establish an emergency fund for life’s many surprises, save for both your retirement and your children’s college education and ensure a plan is in place to care for your loved ones long after you are gone. Working with the benefit of a financial advisor also helps to ensure that the plan you put into action minimizes your tax exposure, protects your assets from creditors and legal judgements, and keeps up with your changing life circumstances.

About the Author: Jessica Pendergraft, CFP®, CDFA®* is a financial planner with Provenance Wealth Advisors (PWA), an Independent Registered Investment Advisor affiliated with Berkowitz Pollack Brant Advisors + CPAs and a registered representative with Raymond James Financial Services. She can be reached at the firm’s Ft. Lauderdale, Fla., office at (954) 712-8888 or via email at info@provwealth.com.

Provenance Wealth Advisors (PWA), 515 E. Las Olas Blvd., Ft. Lauderdale, FL 33301 (954) 712-8888.

Jessica Pendergraft, CFP®, CDFA®* is a registered representative of and offers securities through Raymond James Financial Services, Inc., Member FINRA/SIPC. Investment Advisory Services offered the Raymond James Financial Services Advisors, Inc., and Provenance Wealth Advisors. Raymond James is not affiliated with and does not endorse the opinions or services of Berkowitz Pollack Brant Advisors + CPAs.

This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Any opinions are those of the advisors of PWA and not necessarily those of Raymond James. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. You should discuss any legal matters with the appropriate professional. Prior to making an investment decision, please consult with your financial advisor about your individual situation.

* Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

To learn more about Provenance Wealth Advisors financial planning services click here or contact us at info@provwealth.com

Posted on September 21, 2022