Investing in Women Newsletter - Winter 2014
- What really matters to women investors
- Investor Education Survey: Financial Outlook and Perspectives from Men and Women
- Affluent Women Retirement Survey
- Retirement planning for same-sex couples, gender differences
- Family & Retirement: The Elephant in the Room
- #WomenLeading Philanthropy Symposium
- Practice Management Tip: "Mountains Will Move" Film Screenings
- Advisor Profile: Meet Alexandra Cock, JD, CLP, Wealth Plus, Inc
New and Noteworthy:
Reports and information that can make a difference for you
What really matters to women investors is revealed in a study of women in the generations that bracket the baby boomers: Gen X (ages 32 – 47) and the Silent Generation (67-80)
A Russell Investments' study combines findings from surveys of two groups: financial advisors and women who work with a financial advisor. It uncovers distinctions between women in different age groups, gaps that may exist between women investors and their advisors, and several areas where advisors could likely strengthen their relationships with female clients including estate, retirement and general financial planning.
Investors Education Survey: Financial Outlook and Perspectives from Men and Women gathers opinions of men and women on key topics relating to retirement, investing and financial education
The survey from Jackson National Life Insurance Company and the Center for Financial Insights identifies differing perceptions of men and women when it comes to investing, as well as shared outlooks that can help financial professionals, institutions and solutions providers offer more customized education strategies to fit individual needs. For example, only 17.8% of men and 10.7% of women feel they have the financial education they need to make investing decisions and, while 49.7% of responding men reported having “plenty of investing/financial confidence,” only 35.3% of women responders felt the same way.
Affluent Women Retirement Survey of 600 women with a median income of $145,000 and an average of $455,000 in investable assets explores perceptions of wealth, investing and retirement
Wells Fargo finds that while today’s affluent women are financially savvy working women, their investing confidence doesn’t necessarily follow hand-in-hand with increased wealth. Nearly half (41%) say they are “not at all” confident in making investment decisions. Fewer than 40% have a written plan in place for retirement. Forty-five percent of working affluent women say the prospect of living in retirement without a paycheck is something they “will resist as long as possible by working.”
How the financial services industry can best serve same sex-couples: U.S. v. Windsor decision paves way for changes in employee benefits, tax, estate and retirement planning
The Insured Retirement Institute (IRI) expects changes in key areas of financial planning for same-sex couples. The IRI study profiles the market and examines savings habits, retirement savings, and current and potential future engagement of same-sex couples with the financial industry. For example, males tend to rebalance on an annual basis slightly more than females, but still 53% of males and 63% of females do not rebalance annually. Four out of 10 respondents have not tried to determine how much money they will need to have saved to live comfortably in retirement. By gender, a significant difference occurs as fewer females (34%) have not made this calculation versus 44% of males.
Family & Retirement: The Elephant in the Room explores the impact of family complexities and financial interdependencies on retirement and planning, engagement and communication strategies
Are you looking for ways to discuss with your clients the challenges and impact to their plans when a client becomes the “Family Bank?” Advisors are trying to help clients navigate a new era of family interdependencies. For example, six in ten people (62%) age 50+ today are providing financial support to family members. This Merrill Lynch study examines converging trends that complicate the lives of retirees and pre-retirees today: blended families altering the face of retirement, the special strains of stepfamilies, and the “Graying Divorce” trend to name a few. Women are especially focused on some of these challenges. Women age 50+ are even more likely than men to say “being a burden on family” is their greatest worry (32% vs. 18%).
#WomenLeading Philanthropy Symposium:
April 2-3 | Chicago
25+ inspiring leaders, one powerful story - Organized by the Women's Philanthropy Institute at the Indiana University Lilly Family School of Philanthropy
Add your voice to a bold discussion about the impact of women's increased engagement in philanthropy, and accelerate the momentum for gender-smart leadership in philanthropy. Meet women and men who are asking the right questions, applying formulas that work, and developing the philanthropic leaders of today and tomorrow. Follow on Twitter @WPIinsights. For more information about this conference visit the Symposium website. Pax World CEO Joe Keefe will be participating in the opening session.
Practice Development Idea
"Mountains Will Move" Film Screenings
Looking for an inspiring and fun client event that is focused on investing in girls? Whether it’s to celebrate Women’s History month in March or perhaps even later this fall on October 11th which the UN has declared International Day of the Girl, consider doing a viewing of the film “Mountains Will Move.” View the film trailer.
The Peaks Foundation, an organization focused on empowering women worldwide to reach their highest peaks has created this film, which shares the remarkable story of a team of young women from Australia and Tanzania who combined to climb Mt. Meru, Tanzania's second highest peak. You can host a viewing of this film at a local theater. Please contact your Pax World sales rep if you would like to learn more.
Alexandra Cock, JD, CLP
Wealth Plus, Inc.
Alexandra transitioned from a career in tax law to financial strategies based on her conviction that incorporating the spirituality and consciousness of money into financial strategies can improve clients’ lives and the world. The holistic approach Alexandra and the Wealth Plus, Inc. team follow is captured in the firm’s maxim, “Financial strategies for the heart, spirit and mind.” Nearly 20 years of experience and hundreds of successful clients speak to the effectiveness of their work. You can learn more about Alexandra and Wealth Plus, Inc. here.
What motivated you to move from a law practice to building a financial planning practice?
In my work as a tax attorney, I examined the financial plans of my clients and discovered an affinity with my undergraduate degree in economics. I saw an opportunity to pursue my personal conviction that the most effective financial strategies incorporate a moral, holistic, and logical approach. Launching Wealth Plus, Inc. to pursue these concepts was the logical next step for me. We build strategies that include the entirety of a client’s financial well-being including protection, savings and growth.
How has your practice evolved to include women as such an essential part of its fabric?
We work with a range of people from age 25 to those well into retirement. We have no account minimums so our clients represent all income levels. We work with professionals and business owners and integrate their business and personal financial management into their plans.
Over time, my practice has grown through “word of mouth” recommendations and, today, the majority of my clients either are women or have been brought to the practice by women. I have always been an advocate for women because a very high percentage of women in retirement live in poverty. Anything I can do to address this concern, I want to do.
Creating financial strategies is a powerful platform from which to address this issue. For example, women’s financial well-being is at high risk in times of divorce. Too often, women are at a disadvantage in a divorce proceeding because of inadequate financial resources or legal representation. Many simply want the matter done and behind them. In my work with clients, I can encourage them not to rush what is inarguably a painful experience at the expense of their future financial security.
Is it during emotionally difficult and challenging times, your holistic approach proves most valuable?
We live in an abundant universe. Everyone’s opportunity to experience the benefits of the universe is integrally woven with consciousness of financial and spiritual well-being. Holistic financial planning is valuable throughout our lives. Our strategies cover a person’s whole life.
Life changes are particularly difficult. Our holistic approach is very supportive during these times. For example, I spoke with a client who is in the process of being audited about the importance of forgiveness in an effort to move forward. In our work, we consult with spiritual counselors and advisors as frequently as we work with spending, debt, legal and accounting professionals.
How do you help your clients strengthen their financial knowledge and confidence?
As a macro-manager, we oversee all aspects of our clients’ finances with the goal of helping them achieve financial peace of mind by providing proven strategies from a holistic perspective. This can be particularly valuable to our female clients who have sometimes not had the opportunity to gain knowledge or confidence in their decision making about a financial plan.
Every service we provide from developing financial strategies, to reviewing essential financial documents including tax returns, estate documents, and various types of insurance, focuses on enhancing the well-being and confidence of our clients. In addition, we provide tools and strategies to address the emotional aspects of money. In our newsletter and our blog, we address issues about consciousness around money and improving our client’s financial circumstances. We provide our analysis of news related to the practical and spiritual aspects of money. We serve as a resource for our clients on the latest literature and programs that address money and our consciousness.
Senior Vice President,
Global Women's Strategies,
Pax World Management LLC
800.767.1729 ext. 7378
Pax World launched its Women & Wealth initiative to provide women and their advisors with the knowledge and tools needed to face the financial challenges unique to them, such as overcoming the wage gap, suddenly becoming single or a widow, serving a dual role as earner and caregiver, and planning for retirement. The program includes workshops, written materials and other planning tools.
Kathleen McQuiggan is a registered representative of ALPS Distributors, Inc.