About Baking Pies and Pie Charts

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To paraphrase a recent print ad from a well-known local financial advisory firm: The little woman can stay in the kitchen baking pies. As financial advisors we’ll take care of the pie charts.

And this, a recent comment made to me by a representative from a national financial marketing organization: Women take too much time to make decisions, usually three or four meetings. We want to sell our products now.

Unfortunately the above views remain embedded among many in the financial advisory professions. Obviously I do not hold those views, I don’t treat women in a condescending manner and most importantly, I listen intently to their concerns, their fears, and their needs.

And their needs can and do differ from men in a number of important respects. A few are highlighted below.

Fact: Women’s pensions and social security benefits are usually less than men   

Fact: Women statistically live longer than men

Fact: 9 out of 10 women manage their finances alone at some point in their lives

Fact: Many newly divorced and widowed women make hasty and ill advised decisions

Solution: Consult tax, legal and financial professionals to help guide the way.

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