Take Control Of Your Finances: Expert Tips For Women, From Women
While women play a key role in household decision-making, they have historically been underrepresented in the financial conversation. But that’s evolving: women of all ages are now taking a more active role in managing their money—whether they’re just starting to get regular paycheques or looking to put an estate plan in place. And they want more from their advisors, too, including a judgment-free space where they feel comfortable asking questions, and a trusting relationship with someone who can confidently guide them through a wide range of life and career progressions.
Diving into topics such as investing or retirement plans can be intimidating for anyone—and a historically male-dominated financial industry can also bring apprehension for some. TD Wealth has worked hard to create a space where women feel heard—starting with empowering their female advisors and financial planners. With the goal of better understanding the shifting financial needs and priorities of women, the financial institution launched its Women Champion program in 2019. Now, TD Wealth has trained more than 300 Women Champions who regularly exceed their female clients’ expectations, wherever they’re at in their lives.
The power of a female financial advisor
Talking openly about money can make women feel vulnerable, and having a female financial advisor can make a difference to many. Franceen Bernstein, vice-president and head of financial planning at TD Wealth, believes that female financial advisors bring a unique perspective and set of skills—plus a high level of empathy. TD Wealth’s female advisors have deep relationships with their clients and always consider the emotional underpinnings of decisions, whether they involve managing debt or navigating a divorce. “They offer both practical advice and emotional support, which helps guide clients through challenging transitions,” says Bernstein, adding that she also finds that female advisors are experts at communication, actively listening to fully understand where a client is coming from—or where their anxieties may lie.
Life stage considerations: Tips for women in their 30s to 50s
Bernstein has worked in the industry for more than 20 years and has a plethora of tips for women in their 30s to 50s. At this age, she says, financial planning often focuses on managing significant life events, such as raising children, buying a home or taking care of aging parents.
“Establishing a solid financial foundation is essential, especially as these responsibilities grow,” she says. This includes sticking to a daily budget and building an emergency fund to cover unforeseen expenses—because you never know when something like a basement flood or vet bill might hit. It also means thinking about retirement well before you may think you need to—by putting money away during those peak earning years.
“It’s no secret women live longer than men,” says Bernstein. “It’s important that they have enough saved up to support a longer retirement. This can include maximizing RRSP and TFSA contributions and diversifying your investments to help ensure your savings can withstand market fluctuations.”
A balancing act: Short- vs long-term goals
It’s also important to balance short- and long-term goals, so that immediate needs are met without compromising future plans. And then of course there’s making sure insurance coverage and estate planning documents are in place to provide security for loved ones. It’s a lot of information to digest, which is why Bernstein’s number one piece of advice is to take the time to ask as many questions as needed. “Regardless of your life stage, the best way to develop financial confidence is through asking questions and seeking guidance.”
Ultimately, an advisor you feel comfortable around can make a significant impact when it comes to feeling in control of your money. TD Wealth advisors aren’t just technical experts, they also know that communication and trust lead to solid, long-term connections.
If you want to learn more about TD Wealth and what it offers its female clients, it’s as simple as booking a meeting with a TD Wealth financial planner or investment advisor. They’ll work with you to develop a comprehensive plan that meets your short- and long-term goals, and help you take charge of your financial future.
Visit TD.com/Wealth to learn more and to lock in your appointment today.
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