The Informed Investor

Wealth Management Tips for Female Executives

October 12, 2021

Female executives often have a different outlook when it comes to wealth management than their male counterparts. Our financial advisors take a personalized approach with all of our clients because ultimately, no two people have the exact same goals. Financial planning looks different from one client to the next. Here are some general wealth management tips for female executives in 2022.

Take Income Fluctuations into Account

When performing financial planning for executives, we typically work on the assumption that their income will steadily increase all the way through to retirement. However, women are more likely to take time away from their professions to take on primary responsibility for childcare or eldercare. It is estimated that leaving the workforce for only five years to raise young children can cause women to lose up to 20 percent of their lifetime earnings. A financial plan must take work/life plans and priorities into consideration when creating a financial plan for the future.

Don’t Hesitate to Ask Questions

Female executives should seek out a wealth management firm that values a collaborative relationship with their clients. Women are more likely than men to have questions and concerns about their financial planning strategies, so it’s important to work with a team that educates their clients to make informed decisions, welcomes feedback as well as questions. Our financial advisors will not tell you what you should do; instead, they can present different options suited to your goals, help you understand the benefits and potential disadvantages of each, then assist you in implementing the strategy you choose.

Take Care of Yourself First

You are probably familiar with the instructions for an emergency situation on an airplane: you need to put on your own oxygen mask first before assisting others. Putting your welfare first is equally true in many circumstances, and wealth management is one of them.

Female executives often prioritize providing for those they care about over taking care of their own needs. If you are wealthy, it is hard not to be generous with family members who don’t have access to the same resources you do, but this can quickly deplete your savings and retirement security. Making sure your own financial future is secure should be first and foremost.

Budget for Investments

When you work long hours and sacrifice so much for your job, it can be hard not to buy yourself the luxury beachfront condo for vacations or treat yourself to any number of indulgences. You should be able to enjoy your money, right? You’ve earned it!

Too many of these indulgences can leave little room for investing. We often see people who bring in sizable incomes every month and spend almost every penny. No matter how much money they make, some people will still live paycheck-to-paycheck. Investments should be an essential part of your budget, just like other monthly expenses. Setting aside savings regularly and investing them prudently can provide peace of mind and build crucial security for your future.

Learn More About Our Financial Services

If you have $3 million or more in investable assets and would like to learn more about our financial services, our financial advisors are here to help. ICC provides clear and unbiased guidance for its clients, backed by a team of experienced fiduciary, financial experts. Contact us today at 702-871-8510 to learn how our team can help you.

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