As a senior vice president at UBS, Gary Fournier managed more than $1 billion in assets and handled numerous high-net-worth individuals. Now a managing director with JP Morgan, Gary Fournier manages the investment portfolios of many women, helping them make better investment decisions.
Because women live around five years longer than men, they need to invest more than men for retirement. Here are two ways financial advisors can help women get actively involved in investing:
1) Tell them why they should invest
Investing is important. When women understand why they should invest, they will be more likely to take that first step, and the main reason they should take that step is financial freedom for themselves and their families. Many women today are the sole providers in their households. By starting to invest, they can create a solid plan to provide for their kids’ college tuition or guarantee their family’s financial future.
2) Start them off investing in their interests
Many people think investing is too complicated or that they do not know enough to get involved. Actually, investing is not so complicated. Financial advisors can encourage women to start a discretionary account whose funds they can use to invest in companies or sectors that interest them. They can research these companies, read news about them, check their competition, look at their financial records, or even read their websites and press releases. By following these companies and making sound investments using the funds in their discretionary account, women can gain the confidence to actively take part in investing.