Financial Advice for Widows | ViaWealth

Financial Advice for Widows | ViaWealth

When a woman becomes a widow, her world is turned upside down. Suddenly you are taking on new responsibilities and making decisions that you may have never thought about before. While it can be difficult to navigate these uncharted waters, it is important to remember that you are not alone. 

 There are wealth management professionals who can help you navigate these challenging waters and make sound, well-informed decisions about your money. It starts with a meeting to survey your personal financial goals and values. The next step is creating a financial plan; a roadmap to your objectives.

Assisting you with increasing your financial literacy, if needed, normally comes later, as part of the ongoing process. Today, however, we’re sharing a preview of the basics that are most commonly involved.

Please explore the following with us:

  • The importance of financial guidance for widows
  • Financial challenges facing widows aren’t unbeatable
  • What should financial life after a spouse’s passing look like?
  • The benefits of leveraging your ViaWealth relationship 

The Importance of Financial Guidance for Widows

Widows can find themselves at a difficult crossroads following the loss of a partner. Attempting to navigate affluence and estate matters, especially if you are still numb, can feel as overwhelming as it is emotionally draining. There is hope, nevertheless.

For instance, the right wealth manager can help you make sense of the widowhood financial journey. With experienced assistance, you can have confidence knowing that you have a plan in place that will allow you and your loved ones to pursue financial security over time. 

This important milestone does not have to be a burden. Instead, it can be harnessed as an opportunity to obtain knowledge on creating affluence and security for yourself and any dependents. We will get into the earmarks of a trustworthy advisor in a bit. For now, please note that working with the right financial advisor can make a significant difference, both initially and over the long term. 

Financial Challenges Facing Widows Aren’t Unbeatable

There is no palatable way to say this: Today’s economic landscape can be volatile and uncertain. With raging inflation shrinking the value of the dollar, the same amount of savings may not be worth as much from year to year. This is why those who are accustomed to the finer luxuries in life must be extra cautious with regard to their money and assets.

Unfortunately, for example, enjoying a comfortable lifestyle now does not necessarily guarantee an equally comfortable retirement. In addition to the impact of inflation on the purchasing power of savings (often a key component of retirees’ income), stock market volatility can diminish the value of an unbalanced investment portfolio.

In other words, even the financially independent should be focused on wealth building and asset protection now (assuming that you want to stay financially independent). The challenges facing widows are not insurmountable, but they must be taken seriously. 

A wealth manager can help you build, maintain, and monitor a wealth strategy around your new circumstances. In addition to providing ongoing financial advice, an experienced financial advisor can help you navigate volatile market conditions. 

What Should Financial Life After a Spouse’s Passing Look Like?

Widowers and women who have recently lost a spouse can benefit enormously from comprehensive financial planning aimed at preserving an affluent lifestyle. The most important element of this plan is to make sure that your current and future financial needs are met. 

This might include payments for household bills as well as income protection, investments, and retirement savings. It often includes asset management and layered tax strategies to help minimize your tax burden and potentially maximize your return from investments over time. Ensuring that your assets are strategically allocated could benefit your loved ones going forward, as well. 

Additionally, a proactive approach to long-term financial planning can sometimes make the difficult grieving process slightly easier to navigate (if only by reducing possible aggravations). By making objective financial decisions with the assistance of your wealth manager, you can pursue financial success that both honors your spouse’s memory and helps preserve their legacy. 

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The Benefits of Leveraging Your ViaWealth Advantage

We know that losing a spouse can be a tremendously difficult time. That’s why widows working with ViaWealth can count on consistent professional advice for everything from asset protection and tax-savvy savings to generational succession planning. We take pride in doing so professionally, but it’s also a matter of conscience.

It seldom seems likely to the recently widowed, but better days are often in the distance, even if they aren’t currently visible on the horizon. An experienced wealth manager should partner with you long-term, helping you with your finances through these difficult times. This, in turn, can sometimes lead to peace of mind due to the knowledge that your hard-earned funds have the opportunity to thrive in any type of economic condition. 

Later, as the clouds finally begin to part, we’ll be with you then, too. People sometimes think financial planning is a one-and-done process, but that’s almost the exact opposite of the truth: Your greatest potential benefits—in terms of things like returns on the sale of investable assets and money saved through tax minimization strategies—are far likelier over the longer term. 

As a result, our service model begins with helping you create a financial plan (after getting to know you, your values, and your monetary goals) if you don’t have one. However, this is only the beginning; it doesn’t end there. The idea is to help you pursue financial freedom over years or decades. 

ViaWealth is passionate about offering high-net-worth individuals experienced asset protection and financial guidance from seasoned professionals in the industry. 

We deploy innovative technology and conservative investment strategies for high-net-worth individuals and families.that, in turn, can help you and your family pursue financial independence for future generations. 

Consider entrusting ViaWealth with your financial planning and investment needs. Schedule an appointment today. 

ViaWealth, LLC is a Registered Investment Adviser. Information in this article is for educational purposes only and is not intended to be an offer or solicitation for the sale or purchase of any specific securities or other types of investments. Investing in the securities markets involve risk of principal and unless otherwise stated, returns are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before making any financial decisions. Past performance is not indicative of future performance.

More about the author: Woody Rash

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