As a wealth advisor with 25 years of experience in the financial services industry I understand that when it comes to wealth planning, women have unique needs to consider. Over the years many women have come to me with variations of these two questions, “Where do I Start?” and “Will I be okay financially?” To answer these questions, I have outlined five essential steps to create a comprehensive wealth plan.

  

Jump In!

• Creating a wealth plan can be overwhelming and scary. That is normal. Do not be afraid to start. In my experience, many people have more financial flexibility than they think they do. You may be pleasantly surprised.

• Don’t think you need to know everything about investing and finances to take the first steps.

• Ask a lot of questions and work with a credible and experienced wealth advisor who will take the time to answer your questions.

• Friends and family can be a great source of advisor recommendations.

 

Understand Your Unique Objectives

• Wealth planning is more than numbers and there isn’t one plan that works for everyone.

• Be honest with yourself and your wealth advisor. I can’t emphasize this enough - there are no right or wrong answers. Your goals and needs are unique to you.

• Ask yourself questions like: What is the purpose of my wealth? What is most important to me? What legacy do I want to leave? What do I need my money to do? What do I want to happen to my money when I die? What I am most afraid of when it comes to money? How much do I want to have in easily accessible “cash”?

 

Incorporate all the elements of your financial picture

• Depending on your personal circumstances your wealth plan could consider investments and strategic asset allocation, income and cash flow needs, debt paydown planning, tax planning, estate planning, family law considerations such as protecting your assets in the event of a marital break-down, business law issues, education funding for children or long-term care and advanced health care needs. As you can see, the list is endless and unique to you.

• Ensure that your trusted wealth advisor collaborates with other professionals such as tax and estate consultants. This way you’ll have a coordinated and cohesive plan.

 

Wealth Planning Evolves Over Time

• Wealth planning isn’t a one-time event. As your life circumstances change, so will your plan.

• Update your plan regularly. I recommend reviewing and, if needed, updating your plan at a minimum on an annual basis.

• Expect the unexpected. A successful plan includes contingencies for best-case scenarios, worst-case scenarios and everything in between.

 

Communication and Collaboration

• All aspects of your plan need to work together.

• Keep your wealth advisor up to date on any changes in your life including personal, financial and health changes.

• Work with a wealth advisor you are comfortable with and who is easy to communicate with.

 

The goal of any wealth plan is to answer the question, “Will I be okay financially?”  The wealth planning experience should answer this question while empowering you, educating you and providing you with peace of mind.