| Date post: | 16-Jul-2015 |
| Category: |
Economy & Finance |
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Become your own Chief Financial Officer
Gwen Becker, CFP, CIM, FCSI
RBC Wealth Management DS
Associate Portfolio Manager
403 299 5265
Allison Maher, CA, CFP, TEP, ICD.D
Family Wealth Coach
Co-Founder
403 615 4144
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AGENDA
1. Women are making strides
2. Current challenges facing women
3. Managing all aspects of your wealth
4. Taking action – setting realistic goals
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WOMEN ARE MAKING STRIDES
TODAY, WOMEN ARE MORE FINANCIALLY SUCCESSFUL AND INDEPENDENT
o Education indicators
o Higher participation in the workforce
o Leading the entrepreneurial charge
o Increased control over household spending
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WOMEN ARE MAKING STRIDES
INCREASED CONTROL OVER HOUSEHOLD SPENDING
o Women are the sole decision makers in 28% of high net worth households (those with $1 million+ in investable assets)
o In the remaining 72% of those HNW households, 65% of women share in the decision making
o 90% of women will be solely responsible for family finances at some point in their lives
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CURRENT CHALLENGES FACING WOMEN
WOMEN STILL FACE HEADWINDS
Life Changing Events Lower Average Earnings
Longer Life Expectancy
Time away from work for family
obligations
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CURRENT CHALLENGES FACING WOMEN
WOMEN ARE LIVING LONGER
Life expectancy at birth has risen to an all time high of
81YEARS OF AGE
Men at age 65
83YEARS OF AGE
Women at age 65
87YEARS OF AGE
VS.
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CURRENT CHALLENGES FACING WOMEN
TIME AWAY FROM WORK FOR FAMILY OBLIGATIONS
Children
o Over 13% of women work part-time because they are caring for children vs. 1% of men
Elderly parents
o 14% of women are caring for a senior who lives outside of their home
o 40% of women spend more than 10 hours a week caring for a senior who lives in their home
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CURRENT CHALLENGES FACING WOMEN
LIFE CHANGING EVENTS - DIVORCE and WIDOWHOOD
o Divorce
Ø 38% of marriages entered in 2008 are expected to end in divorce before the 25th year of marriage
Ø 43% of marriages entered in 2008 are expected to end in divorce before the 50th year of marriage
o Widows are not just the very old.
Ø While 75 percent of those 85 and older are widows, there are more women who are widows age 75-84;
Ø One third of widows are under age 70; and
Ø One third of women who become a widow are under age 65.
What is your gorilla?
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MANAGING ALL ASPECTS OF YOUR WEALTH
COMPREHENSIVE FINANCIAL PLANNING
o Do you know what your financial future looks like?
o A Financial Plan addresses core financial needs, and answers these questions:
Ø Can I retire when I want to and maintain my desired retirement lifestyle?
Ø How can I ensure that I don’t outlive my money?
Ø How can I minimize the taxes I pay each year?
Ø Is my investment mix appropriate?
Ø If I were to die unexpectedly, would my family be taken care of?
Ø How can I protect the value of my estate?
Tools make work easier.Tools make work easier.
Financial Independence
Social Capital Family Legacy
The Realms of Planning
Financial Independence
Social Capital
Family Legacy
💭 What are the relative sizes of your circles?💭 What are your main priorities/goals in each circle?💭 What strategies/tactics/tools do you currently have working for you in each circle?💭 What resources do you need in each circle?💭 What obstacles must you overcome in each circle?💭 How might these circles change over time?
Mission – Vision – Values - Goals
WHAT & WHY
Strategies – Tactics - Tools
WHO & HOW
Your Financial PlanTax Planning
Insurance/Risk Management
Family Legacy Cash Management
Investment Planning
Credit/Lending
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4
3
5
2
Career Planning
Asset ProtectionEstate Planning
Philanthropy
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MANAGING ALL ASPECTS OF YOUR WEALTH
UNDERSTANDING YOUR INVESTMENT CHOICES
Return
Ris
k
Common shares
Real estate investment trusts (REITs)
Tax-exempt insurance
Preferred Shares
Hybrid Bonds
Corporate bonds
Annuity
Segregated Funds (guaranteed minimum withdrawal benefits)
Guaranteed Interest Annuity (GIA)
Government bonds
Guaranteed Investment Certificates (GICs)
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MANAGING ALL ASPECTS OF YOUR WEALTH
V
I
S
O
R
ISION
MPORTANCE
UPPORTING
RESOURCES
BSTACLES
EADINESS
Goal Setting
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TAKING ACTION
STEPS TO BUILD AND PROTECT YOUR FINANCIAL SECURITY
o Prioritize what is important to youo Find the right advisor or team o Get organized - Take an inventory of your assets and
liabilitieso Do your research and due diligenceo Build a financial plan and set goalso Stay disciplined o Review, reassess and rebalance – “life lifes us”
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TAKING ACTION
BECOME YOUR OWN CHIEF FINANCIAL OFFICER
o Set goals, dream big and have a plano Interview advisors until you find one who is right for you:
ØAre you registered?ØWhat is your background?ØHow are you paid?ØWhich kinds of products and services do you offer?ØWho are your clients?
o Become your own Chief Financial Officer!
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RBC Dominion Securities Inc.* and Royal Bank of Canada are separate corporate entities which are affiliated. *Member-Canadian Investor Protection Fund. Insurance products are offered through RBC Wealth Management Financial Services Inc. (“RBC WM FS”), a subsidiary of RBC Dominion Securities Inc. When providing life insurance products in all provinces except Quebec, Investment Advisors are acting as Insurance Representatives of RBC WM FS. In Quebec, Investment Advisors are acting as Financial Security Advisors of RBC WM FS. RBC DS WM FS is licensed as a financial services firm in the province of Quebec. RBC Dominion Securities Inc. is a member company of RBC Wealth Management, a business segment of Royal Bank of Canada. ®Registered trademarks of Royal Bank of Canada. Used under license. © RBC Dominion Securities Inc. 2015. All rights reserved. (02/15)
Thank you
