How to Better Serve Female Clients

General Engagement, Proactive Inclusion, and Addressing Biases: • How can financial advisors better engage female spouses during financial planning sessions to ensure their perspectives and concerns are equally addressed? • What strategies have proven effective in overcoming the bias that male advisors may inadvertently show toward male spouses in financial discussions? (https://www.thewealthadvisor.com/article/financial-advisors-unconscious-bias-works-against-women) (https://www.ml.com/women-research.html) • How can behavioral finance principles guide an advisor's advice to women who are hesitant to invest due to a lack of confidence in financial decision-making? • What role does financial education play in shaping women's investment behaviors, and how should advisors tailor this education to their unique needs? Earnings and Career Breaks: • Given that women often earn less and may take career breaks for caregiving, what specific financial planning strategies should advisors implement to help mitigate these economic disadvantages? (https://www.urban.org/research/publication/lifetime-employment-related-costs-women-providing-family-care) (https://www.dol.gov/newsroom/releases/wb/wb20230511) • How can financial advisors better support women in planning for the long-term financial impacts of career interruptions, whether for childcare or elder care? Longevity and Retirement Needs: • Women, on average, live longer than men. What are the critical financial planning steps that should be taken to prepare for a potentially longer retirement period? • Research shows that the cost associated with spousal nursing home stays can lead to financial impoverishment for the spouse living at home. What financial planning advice can you offer to ensure that women are not left financially vulnerable after their spouse's health care needs deplete shared assets? (https://www.kff.org/report-section/implications-of-the-expiration-of-medicaid-long-term-care-spousal-impoverishment-rules-for-community-integration-issue-brief/) • Considering women's longer life expectancy, how should their investment strategies differ to accumulate enough for retirement and potential long-term care needs? • How can advisors prepare women for the financial realities of possibly living alone and managing long-term care costs in later life? Senior Women and Poverty: • Statistics suggest that a significant number of senior women live below the poverty line. For example, among women ages 80+ and who live alone, 19% are living in poverty, vs married men in the same age group, who have a much lower poverty rate of 5.8%. 17% of single women 65+ live below the poverty line vs 11% for single men in the same group. What proactive steps should be taken earlier in life to prevent this outcome? (https://sgp.fas.org/crs/misc/R45791.pdf) • What are the best practices for financial independence that can be taught to women throughout their lives to safeguard against poverty in old age? Impact of Widowhood: • What are the key legal and financial preparations that should be made by women and their spouses to safeguard against the financial uncertainties associated with widowhood? • Can you outline the first steps a widow should take to manage her financial situation in the immediate aftermath of her spouse's death? How can financial advisors and attorneys assist during this difficult time? • What strategies can financial advisors and legal professionals recommend to ensure that widows maintain long-term financial security without the risk of outliving their assets? What role do estate planning and insurance products play in these strategies?