Catherine Curan
04/01/2007
Financial savvy is critical for affluent women, even if they are not now primarily responsible for their family’s investment strategy. Given that many women will outlive their spouse or experience a divorce, they can benefit from learning about money now. "Women should try to educate themselves as much as they can," says Sandra Haslinger, who had to take the reins of her family’s assets after her husband’s death. In addition to asking many questions of a financial advisor, she suggests building in checks and balances by having an accountant, attorney and financial advisor participate in meetings together.
Experts second Haslinger’s advice, noting that women who try to
learn to manage a large portfolio while experiencing grief or a major life
change are at a disadvantage. "It’s one thing for a husband to say, ‘Honey, a
trust officer will take care of you,’" says Joline Godfrey, CEO of Independent
Means, an education source for financial institutions, advisors, families and
family offices. "But if she doesn’t know how to assess the trust officer, she’s
at risk. Genuine care means the spouse will genuinely be engaged in developing
financial competence."For women seeking more fiscal independence, experts in the field also recommend the Women’s Institute for Financial Education, a nonprofit networking organization, and two books, Family Wealth by Jay Hughes and Investment Policy: How to Win the Loser’s Game by Charles Ellis.
Illustration by Tim Bower.
Back to Main Article: Wooing
Women