Widowhood can bring a financial whirlwind of questions and decisions, from making major lifestyle adjustments to ensuring your finances are in order. It’s understandable if you feel overwhelmed by all that may be required of you at such a vulnerable time, but having the right financial advisor in place can help you navigate your new normal.
Finding an experienced financial professional to provide sound advice tailored to your financial goals is essential. In this blog post, we’ll explore how to find an experienced financial advisor and which questions you should be asking them.
This article discusses the following:
A financial advisor for widows is a wealth manager who specializes in providing women with tailored advice and support they need during one of the most difficult times imaginable. These specialists understand the challenges a widow must face, so they use their expertise to help facilitate informed decision-making to nurture potential long-term financial success.
Planning and advice are individualized for each client. In other words, the services they receive are geared to help protect their unique interests. From secure estate planning to collecting pension benefits, a financial advisor can help you feel informed and empowered throughout the process.
Widows often have to take a unique approach to their monetary needs and goals. Deciding how to manage your finances properly can be arduous and potentially intimidating. A wealth manager providing services specifically geared for your situation may provide the most value.
You need a reliable professional who understands the nuances of a widow’s specific circumstances. This is why the guidance of a good financial professional for widows considers multiple potential financial factors, including marital assets, family dynamics, estate planning, liquidity needs, and so on. Similarly, they are trained for the sensitivity necessary for covering these topics within the context of bereavement.
Finding the right advisor can be a daunting task, even for those who haven’t lost their spouse. Thankfully, there are certain considerations that can point you in the right direction. For instance, a thoroughly qualified advisor should be transparent in terms of accountability.
Similarly, they should be reasonably accessible and ready to answer your questions. examine the firm’s website in detail and any professionally-affiliated site information on them. You should also check to see if they have a clean compliance record or if they have disclosures that would be important to acknowledge.
The best kinds of certifications wealth managers hold are usually earned from various boards and/or charters. One example is the CERTIFIED FINANCIAL PLANNER™ designation. CFP™ professionals not only provide widow/widower clients with portfolio management services, but they may also offer guidance regarding insurance planning, retirement plans, estate planning, and investment strategy.
Ultimately, these certifications represent an elevated level of service for discerning widow/widower clients seeking to ensure their financial future is well prepared with financial products and a well-balanced investment portfolio.
For an added layer of security, consider seeking a financial advisor who is also a fiduciary. This means that they are held to the highest standards in terms of providing unbiased, client-focused financial advice. They are sworn to put their client’s financial interests ahead of their own at all times.
Finding a wealth manager to help manage the sometimes newly-complicated financial aspects of widowhood isn’t something to take lightly. You must, for example, have full confidence in the final candidate’s abilities and services.
The good news is that the process can be simplified by asking the important questions:
Choosing a financial advisor doesn’t have to take forever, but it’s worth taking time to screen the final candidates’ backgrounds, just to be sure. Since, unfortunately, anyone can call themselves a “financial advisor,” it pays to do your homework.
Again, always check their credentials and years of experience. While you’re at it, ask what they charge for their services and how they are paid (such as an hourly rate, a flat fee, or something else). Clarify the services they offer, as well. Is there ongoing support that comes with the package?
Additionally, inquire about their risk tolerance. Some advisors take more risks than others, so you may want to find one whose investment philosophy aligns with your own. Finally, be sure to check their compliance record.
ViaWealth LLC is a fiduciary wealth management firm providing custom-tailored advising for widows. We take pride in providing solutions that are carefully planned using your personal values as a basis. Contact us to learn more.