FEW THINGS IN LIFE IMPACT US MORE THAN OUR PERSONAL FINANCES.
FAILING TO PLAN IS PLANNING TO FAIL.
AND AS OUR NEXT TWO GUESTS ARE ABOUT TO SHARE IT'S NEVER
TOO LATE OR TOO EARLIER TO PLAN YOUR FINANCIAL SECURITY.
JOINING US TODAY AS WE EXPLORE WAYS TO
EMPOWER WOMEN FOR GREATER HANDS ON INVOLVEMENT AND HOUSEHOLD
FINANCIAL PLANNING ARE CATHERINE BONNEAU PRESIDENT AND CEO OF
CETERA FINANCIAL INSTITUTIONS A MEMBER
FIRM OF THE FINANCIAL SERVICES INSTITUTE.
AND CARINA DIAMOND, MANAGING DIRECTOR OF SS&G WEALTH
MANAGEMENT.
GOOD MORNING TO YOU BOTH.
GOOD MORNING.
GOOD MORNING OLGA.
CATHERINE LET ME START WITH YOU BECAUSE THIS TO ME IS A HUGE
HUGE TOPIC.
I'M ALL ABOUT WOMEN BEING INDEPENDENT AND NOT
DEPENDENT ON ANYONE.
AND I TELL MY KIDS THAT ALL THE TIME AND MY
GIRLS ARE ALWAYS LISTENING TO ME.
TELL ME WHAT IT IS THAT'S DRIVING WOMEN TO TAKE CHARGE OF
THEIR OWN FINANCIAL PLANNING?
WELL, IN FACT OLGA, OVER 40 PERCENT OF ALL HOUSEHOLDS WOMEN
ARE THE PRIMARY BREAD WINNER.
REALLY?
AND IN 25 PERCENT OF THE SITUATIONS FOR MARRIED COUPLES
THE WOMAN ACTUALLY EARNS MORE THAN THE MAN.
SO, AT THE END OF DAY IN 80 PERCENT OF ALL FAMILY SITUATIONS
IT IS THE WOMAN THAT IS ULTIMATELY GOING TO WIND UP
MAKING THE FAMILY DECISIONS ABOUT THE DISPOSITION OF THEIR
WEALTH AS THEY ARE OUTLIVING THEIR HUSBANDS.
THE GOOD NEWS IN ALL THIS IS WOMEN ARE VERY OPEN TO RECEIVING
FINANCIAL ADVICE.
AND CARINA AS I LISTEN TO THIS I, THE ONE THING I CAN THINK OF
IS, "WOW, WE'VE COME A LONG WAY FROM JUST MY GRANDPARENTS TIME
WHICH WAS JUST, YOU KNOW, 50 YEARS AGO.
RIGHT AND WOMEN ACTUALLY HAVE VERY GOOD INSTINCTS ABOUT
MANAGING MONEY.
THEY JUST USUALLY DON'T HAVE AS MUCH
CONFIDENCE.
NOW, LET ME ASK YOU THIS, CATHERINE.
ARE MOST WOMEN DOING WHAT'S NEEDED TO BEGIN PROPER
FINANCIAL PLANNING?
UNFORTUNATELY NO.
WHY NOT?
WELL, IT'S NOT JUST WOMEN THOUGH. 25 PERCENT OF ALL
AMERICANS HAVE DONE NOTHING TO PREPARE FOR THEIR RETIREMENT.
AND WOMEN ARE CONCERNED ABOUT CREATING A DURABLE INCOME NOT
OUTLIVING THEIR WEALTH, AND SO THEY ARE JUST PRIME FOR
RECEIVING THIS KIND OF FINANCIAL PLANNING AND ADVICE.
SO, CARINA FOR THOSE FIRST CRITICAL STEPS WHAT SHOULD THEY
DO?
SO WOMEN HAVE FOUND THAT WORKING WITH AN ADVISOR GREATLY
INCREASES THEIR CHANCES FOR SUCCESS.
AND THERE'S REALLY SOME VERY SIMPLE STEPS THAT THEY CAN
START TO TAKE.
FOR EXAMPLE, START SAVING.
GET INTO THAT 401K OR ROTH IRA.
LOOK AT YOUR DEBT.
WHAT DO YOU OWN VERSUS WHAT DO YOU OWE?
AND HAVE A PLAN TO PAY THAT OFF.
MOST IMPORTANTLY WOMEN REALLY NEED TO GET BETTER AT SAYING NO.
(LAUGHS) WE LIKE TO HELP EVERYONE BUT
OURSELVES.
YES!
AND WHAT I TRY TO TELL WOMEN IS THAT IT'S NOT SELFISH TO PAY
YOURSELF FIRST AND TAKE CARE OF YOUR OWN FINANCIAL NEEDS BEFORE
HELPING SOMEBODY ELSE.
WHAT GREAT ADVICE.
NOW, YOU KNOW, IT MAKES SENSE TO HAVE AN INDEPENDENT FINANCIAL
ADVISOR.
IS THIS SOMETHING THAT WE SHOULD DO SHORT TERM, YEAR TO
YEAR, LONG TERM?
MY GUESS IS GOING TO BE LONG TERM.
YEAH, I THINK IT'S VERY MUCH LIKE AN ATHLETE WORKING WITH HER
COACH.
OK.
SO THE MOST SUCCESSFUL ATHLETES HAVE COACHES ON AN ONGOING
BASIS.
THE MOST SUCCESSFUL INVESTORS HAVE AN INDEPENDENT
FINANCIAL ADVISOR WHO IS HELPING THEM EVERY STEP OF THE WAY AS
WELL.
AND BY THE WAY, IT'S ALSO VERY AFFORDABLE.
AND NOW THAT I'M HEARING THE INDEPENDENT FINANCIAL ADVISOR,
I'VE GOT TO BRING IN, YOU KNOW, SHE BROUGHT IN THE COACH.
ONE TRUSTS THEIR COACH.
I WOULD TRUST MY COACH.
A LOT OF SKEPTICISM WHEN IT COMES TO THE WALL STREET BANKERS
TODAY.
THIS I'M ASSUMING WOULD BE A LITTLE BIT MORE OF THAT
TRUST FACTOR THAT ONE ON ONE COMMITMENT BETWEEN TWO PEOPLE.
ABSOLUTELY IS IT.
AND IN FACT, IT'S MAIN STREET NOT WALL
STREET.
INDEPENDENT ADVISORS WILL OFTEN INCLUDE THEIR OWN NAME ON THE
DOOR OF THEIR FIRM.
OR YOU CAN FIND INDEPENDENT ADVICE IN A
LOCAL BANK OF CREDIT UNION.
SO THERE'S MANY VENUES BUT THE
IMPORTANT THING IS TO REACH OUT ENGAGE WITH AN ADVISOR AS
CARINA SHARED.
NOW CATHERINE I WAS READING HERE THAT YOU ARE A MEMBER OF THE
FINANCIAL SERVICES INSTITUTE.
WHY IS THIS IMPORTANT?
THE FINANCIAL SERVICES INSTITUTE OF FSI IS KNOWN IS CRITICAL FOR
SAFE GUARDING ACCESS FOR LOW AND MIDDLE INCOME AMERICANS TO THE
MARKETS AND HEALTHY MARKETS ARE DEPENDENT ON ALL INVESTORS BEING
INVOLVED.
THE FSI ENSURES THAT ALL INDIVIDUALS HAVE ACCESS TO
GOOD INDEPENDENT ADVICE.
AND PERHAPS LADIES YOU CAN ADDRESS THIS BECAUSE I HEAR A
LOT OF TIMES WE'RE PEOPLE ARE SAYING YOU KNOW, I REALLY WANT
TO DO THIS BUT YOU KNOW, I'M NOT WEALTHY.
I DON'T HAVE THE MONEY.
I DON'T THINK YOU REALLY HAVE TO BE RIGHT, CARINA ?
NO.
INDEPENDENT ADVICE IS REALLY FOR EVERYBODY OF ALL INCOME
LEVELS.
SO WHETHER YOU ARE JUST STARTING OUT OR WHETHER YOU ARE
ALREADY WEALTHY BECAUSE REALLY THE BENEFITS OF THAT ADVICE AND
THE BASICS ARE REALLY VERY SIMILAR.
CATHERINE YOUR THOUGHTS?
ABSOLUTELY.
INDEPENDENT ADVICE GIVES YOU A WONDERFUL FRAME WORK
TO SAFEGUARD YOUR FUTURE AND YOUR FAMILY'S FUTURE.
WE'VE REALLY COME A LONG WAY.
I MUST SAY AND THERE'S MUCH TO DO
AND STILL MUCH TO LEARN AND THIS IS A HUGE JOURNEY FOR WOMEN TO
TAKE ON.
ESPECIALLY WHEN THEY ARE EITHER WIDOWED, DIVORCED,
EVEN MARRIED.
I TELL MY CHILDREN ALL THE TIME, YOU NEED TO BE
INDEPENDENT.
CLOSING THOUGHTS BEFORE WE LEAVE?
INDEPENDENT FINANCIAL ADVICE GIVES YOU A WONDERFUL FRAMEWORK
AND WITH THIS FRAMEWORK YOU CAN DO GREAT THINGS.
CARINA ? I WOULD SAY REMEMBER THAT YOU'RE
ARE NEVER TOO YOUNG OR TOO OLD TO START BENEFITING FROM
FINANCIAL ADVICE AND THERE'S ACTUALLY A GREAT RESOURCE
FINANCIALSERVICES.ORG THAT CAN HELP YOU TAKE CONTROL
TODAY.
FINANCIALSERVICES.ORG.
THANK YOU SO MUCH.
I CAN ALWAYS USE A LITTLE HELP AS WELL.
THANK YOU LADIES, REALLY APPRECIATE IT.
COME BACK AGAIN.
THANK YOU.
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