Some women who become suddenly single through death or divorce may face a dilemma-they are now the sole owners of securities and bank accounts, real estate, etc. They may not have been actively involved in making financial decisions before. At least, they didn’t have to make all the decisions.
To whom should they turn for help?
Many will turn to the big-name firms like Morgan Stanley and Merrill Lynch.
However, many financial advisors at large financial institutions focus on gathering and growing assets.
After all, building a big “book” of accounts is how financial advisors at the large firms get rated, promoted and paid.
What if a suddenly single woman is at or near retirement? Does she need a broker at a large firm to sell her more stocks and bonds? Does she need to endure the high fees and risks that come with buying and selling securities in the market?
What happens when the market has a correction (which happens regularly) and the assets she plans to use for retirement lose 10%, 20% or more?
Let’s put it another way-when you were younger, you may have gone to a great orthopedist for treatment for an athletic injury. But today, in your 50s or 60s, would you go to that orthopedist if you had an abnormal heartbeat?
Suddenly single women approaching retirement need a financial advisor specializing in retirement planning, long-term care and managing funds for retirement income.
Financial advisors who specialize in that practice are out there. You just have to find them.
What Happens if You Are a Woman Who Becomes Suddenly Single?
Susan Marshall is an Investment Advisor Representative with Center Street Financial Services, Inc., in Henderson, NV. She holds CLU® and ChFC® designations, along with a life and health insurance license, and a real estate broker’s license.
Susan specializes in helping women, and those who are suddenly single, achieve financial independence. Moreover, she is an expert in retirement and long-term care planning.
If you’re a woman not sure of your financial future, give Susan a call at 949-309-9962 or email her at [email protected] to begin your journey to financial independence.