A Widow’s Journey Episode 16
Episode Summary
Baby Boomers control about 70% of affluent households’ investments and most of that wealth is held by married couples. Over the next decade, most of that wealth is likely to change hands as most women outlive their husbands. Financial advisers can serve as a crucial resource to these widows, but there is plenty of room for improvement as an estimated 70% of women leave their financial advisers within in the first year of a spouse’s death. In this third episode of the Retirement Repair Shop, Heather Ettinger, CEO of Luma Wealth Advisors, which focuses on women, discusses how best to serve this vulnerable—and potentially valuable—group of clients.
Episode Notes
- 2:40 – When Heather started out in the industry
- 5:15 – Considerations to keep in mind when working with widows
- 8:00 – Organizing the steps of the financial process
- 12:45 – Importance of patience in the widow deciding where to live
- 15:00 – COVID adjustments for engaging with clients
- 20:00 – Staff growth during the pandemic
- 23:00 – Matching clients with the right advisor
- 26:00 – How to charge for these sorts of services
- 28:15 – The importance of sharing account access
- 31:45 – Coordinating with other service providers
- 34:45 – Resources for advisors in this area
- 37:15 – Final comments – Keep the person in mind
This episode is sponsored by Transamerica.
For more information, and tools on how you can support female clients on their journey to and through retirement visit www.transamerica.com/women-and-investing
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