Women and Wealth

Women, Wealth, and Divorce: Money Worries Keep Them Up at Night

By | Advisor Education, Women and Wealth | No Comments

women wealth divorceDo you know what women fear most during a divorce? Money issues. Yes, worries about finances topped the list above concerns about their children. This highlights how important it is for women to have good sound financial guidance during and after a divorce. Something my colleague, Stacy Francis, CFP®, and owner of Francis Financial, knows very well.

This month Stacy’s co-authored a white paper titled “Unveiling the Unspoken Truth: The Financial Challenges Women Face During and After Divorce.” It is one of the first studies to focus solely on women and the impacts of divorce on their financial lives. Here are some of the highlights from the findings:

  • Husbands spend too much. In this study, 24% of the participants stated that their husband’s spending habits were their biggest financial concern. And to think we often label women as over spenders and emotional buyers. Looks like men fall into this unhealthy pattern, too.
  • Divorce takes a long time. The average time it takes to get through a divorce is 10.7 months and if the case goes to trial then it can take up to 17.6 months. Word of caution: Don’t tell your clients it will be over quickly, as it may not be. 
  • Divorce can boost your financial confidence. Overall, women found that divorce forced them to manage money alone, and as a result, their confidence grew. It seems that learning how to invest, taking control of your money, and working with a trusted advisor had a positive impact on most women’s relationship with money.
  • Lack of confidence can look like disinterest. What I found very interesting was that a study done by Hearts and Wallets, mentioned in this white paper, found that women’s lack of confidence is often misunderstood as disinterest by advisors. So the next time you hear a colleague say to you, “She is just not that interested” referring to a client, challenge that advisor to consider what else might be going on for the client. It could be her low confidence level is the culprit.
  • Divorced women regret not having known more about finances. Twenty-two percent of women in the survey wished they had a better understanding of finances as they were going through the divorce. This represents a big business growth opportunity for advisors out there wanting to specialize in helping women navigate this tricky emotional and financial time in their lives.

The bottom line is women in transition, like divorce, need support from financial services professionals who care, work with a team, and are interested in empowering them financially.

Want to know more about this white paper? Then click here to receive a free copy.

Also check out the Breaking Money Silence® podcast airing on August 16, 2017, as Stacy Francis, CFP® will be my guest. Click here to sign up for podcast updates and receive a free money receive a free article, “5 Tips for Breaking Money Silence in Your Life.”

What do you think of these findings? How might you incorporate this information into your practice? Or your life?

BMO for Women Podcast Series

By | Women and Wealth | No Comments

The BMO for Women podcast series (#BMOforWomen) sponsored by the Bank of Montreal is a unique series of interviews celebrating women and wealth, and all that women do. I feel honored to have been asked to host these podcasts. As a result, I have had the opportunity to interview Canadian industry leaders, entrepreneurs, and experts and to share tips and tools for becoming more financially savvy. There are more of these to come, so check them out at

Here are some recent episodes for you to enjoy:

Millennials and Money
Alexander Tecochick, Vice President of Financial Planning, joins Kathleen to talk about millennials and money, tips for finding a trusted advisor.

Supporting the LGBTQ Community with Marg Foy and Karen Tsang
In this episode, Kathleen discusses how to understand and better serve members of the LGBTQ community with Marg Foy, Service Delivery Manager, BMO Financial Group, and Karen Tsang, Enterprise Business Continuity Manager at BMO Financial Group. Both are also members of BMO Pride – an employee resource group at BMO.

Discussing Retirement with Caroline Dabu
Kathleen and Caroline discuss how women can better prepare for retirement. Caroline is the Head of Enterprise Wealth Planning, BMO Financial Group.

Want to be a podcast guest? Interested in creating a podcast series for your firm?  Feel free to email me at with your ideas. (Click to Tweet)

Myth: I don’t need to worry about money, some day my prince will come.

By | Podcasts, Women and Wealth, Women's Empowerment | No Comments

Barbara Stanny, Author Prince Charming Isn’t Coming

Women can have a love/hate relationship with money. Even in today’s society, some women feel they are not going to be attractive to a mate if they are financially put together. Barbara Stanny and Kathleen delve into the notion that women are still waiting for Prince Charming to rescue them financially instead of empowering themselves to learn about investments and money management. Listen in as they discuss the importance of busting this myth wide open so that women of all ages can be more financially intelligent and set a good example for the next generation.

Take Aways:

Barbara explains that getting smart about money involves a three-pronged process – the outer work (education), the inner work (money mindsets), and the higher work (your life purpose).

You need to take small steps consistently and you will see remarkable results.

Money doesn’t come from what you earn, it comes from what you do with what you earn. (Click to Tweet)]

 Barbara Stanny is the best-selling author of Prince Charming Isn’t Coming, Secrets of Six-Figure Women, and Overcoming Underearning®.  She has been teaching women how to take charge of their money and take charge of their lives for 20 plus years. An experienced mentor, wealth coach, and sought-after speaker, Barbara can help you create the wealth you desire and the life you deserve. 

Special Offer:

Free e-book “So You’ve Made Good Money…Now What?

A Man is a Plan.

By | Podcasts, Women and Wealth, Women's Empowerment | No Comments

Paula Harris, Co-Founder, WH Cornerstone Investments

A man is a plan is a myth many women, unfortunately, use to avoid dealing with their finances. In this podcast, listen to Kathleen interview Paula about how to break this myth down so you can start to make simple decisions every day to reach financial security.

Listen in and discover:

  • Why it is important to take care of yourself financially and not wait until you are married to let your partner do it for you.
  • How to practice the “set it and forget” method of saving.
  • Ways to set realistic financial goals.
  • Why delaying gratification today is part of any sound financial plan.
  • How a certified financial planner can help.

WH Cornerstone’s co-founder, Paula Harris is part financial therapist and part dream architect. She takes great pride in helping her clients, particularly women, obtain financial peace of mind and independence. In addition to her role as co-founder, Paula is very actively involved in the community. In the past, she has served on several boards including serving as the Past President of the Plymouth Philharmonic Orchestra and the 2012 Chairman of the Board for the South Shore Chamber of Commerce. She currently is an advisory board member of empowerHER.

Paula is a graduate of Providence College and now lives in Plymouth, MA and the Berkshires with her husband and co-founder, Bill Harris.

To sign up for the Breaking Money Silence Podcast, click here.

Myth: It is okay to ignore your finances.

By | Financial Psychology, Podcasts, Women and Wealth | No Comments

Anne Dickinson, Eye on Your Business

When business owners buy into the myth that it is okay to ignore your finances, their bottom line probably suffers. In this episode, Kathleen interviews Anne about how not knowing “your numbers” negatively affects your business and how more female business owners than men may suffer from this myth.

Listen and learn:

  1. Why financial knowledge is power, and how learning more about your business finances boosts confidence.
  2. How to take one small step at a time to get organized and how working with a bookkeeper can help.
  3. What it takes to be more financially savvy and how taking action reduces your stress and improves your decision-making.

Special Offer for Breaking Money Silence Podcast Listeners: 

FREE Webinar, 5 Ways to Keep More of the Money You Make on June 14, 2017, at 3:00 p.m. Eastern. Click here to learn more.

Million Dollar Message Retreat, May 26 – 28, 2017, Toronto

Anne Dickinson is the cash flow and profits optimizer. She uses her profit leaks x-ray vision to help overwhelmed business leaders take back control of their business finances, stop money from falling through the cracks, and make moves that result in more money, more time, and more freedom.

Creator of the Stop the Profit L.E.A.K.S. Formula™, Anne isn’t afraid to get her hands dirty as she works side-by-side with business leaders to identify and eliminate money leaks, ignite profits and improve cash flow and liquidity to create a strong, healthy business.

Anne has an MBA from Babson College, worked in the Defense and High Tech industries, packaged and sold assets, dissected and improved operations, set up Treasury departments, and owned successful entrepreneurial ventures.

Client Communication Tips for Advising Women

By | Advisor Education, Financial Psychology, Women and Wealth | No Comments

The key to good client communication is emotionally connecting with women and their partners (Click to Tweet). In general, women want advisors who notice their thoughts and validate their feelings. This is especially true when you are discussing retirement, as it is an emotional transition. Here are a few key tips for leaning into the human side of finance when discussing retirement with women.

  • Notice the language a client is using. Ask yourself, “Is she using thinking words or feeling words?”
  • Match the types of words your client is using to express herself.
  • Notice the tone of the conversation and wonder about what she might be feelings about retirement.

Watch this video and discover the power of good questions.

Don’t forget to subscribe to my Youtube channel to receive the latest video each week.

How to Educate Your Female Clients

By | Advisor Education, Financial Psychology, Women and Wealth | No Comments

Women want advisors to educate them. In fact, ninety-percent of women want to be more involved in their financial planning in general. Watch this video and discover how to ask questions to learn more about your client’s educational needs and learning style. By taking a collaborative approach to teaching clients about finance, you foster more trust, and attract more high-quality clients. Now that is a win-win scenario.

What is your recommendation on how to find out what your female client is interested in learning? (Click to Tweet)

Don’t forget to subscribe to my Youtube channel to receive the latest video each week.

How Helping Female Clients Redefine Retirement Clarifies Financial Goals

By | Advisor Education, Women and Wealth | No Comments

What image comes to mind when you hear the word “retirement”? Is it the retiree on the porch in a creaking rocking chair occasionally looking at his gold watch and reminiscing about the ‘good old days’? Do women really resonate with this image of retirement? Do they like the word, or would they prefer to use another term to refer to this next phase of their lives? I decided to find out.

Watch this brief video and learn what I discovered about wealth and women, simply by asking one open-ended question: “If you could use another word to describe retirement, what would it be and why?” (Click to Tweet)

Don’t forget to subscribe to my Youtube channel to receive the latest video each week.

Female-Friendly Practices – Two-thirds of Women Don’t Have Advisors

By | Advisor Education, Women and Wealth | No Comments

Women control $11.2 trillion in assets. There is both good and bad news about that. The bad news is that two-thirds of these women are not working with advisors. The good news? This is a great business opportunity for advisors who want to develop female-friendly practices or who already have one.

Each week, I will be showcasing one of my short videos with tips, tools, and practical strategies to help you develop a female-friendly practice. Subscribe to my Youtube channel today and you will get a new video weekly.

What is your best tip, tool, or practical strategy when you work with your female clients?(Click to Tweet)

3 Tips for Improving Your Client Communication Skills in the New Year

By | Advisor Education, Women and Wealth | No Comments

‘Tis the season to be busy! But if you find a quiet moment in your holiday schedule, reflect on what you can do in the New Year to improve your client communications in 2017.

As the old saying goes, “A confused buyer never buys.” Women and couples are no exceptions. They appreciate advisors and lenders who are clear and concise in their written and verbal communication. Even if you think you are a top-notch communicator there is always room for improvement. So in 2016, make a commitment to improving these skills by practicing these 3 tips:

Use Stories and Analogies. Financial lessons are more powerful and memorable if you make your examples relate to your clients’ real life experiences. Make a point of using stories and analogies that resonate with your clients. For example, if you advise a hockey mom and you are talking about the value of a diversified portfolio, use the analogy of shots on net. Or if you are educating a couple regarding inflation, ask them how much gas they would get for $50 today versus how much gas they would be able to buy in 25 years for the same amount of money.

Use Collaborative Language. Words such as “us,” “we,” and “our” are collaborative and demonstrate a team approach to lending and advising. Women especially appreciate this style of communication and men benefit from it as well. So the next time you are tempted to say, “Here is what I recommend….” Replace it with “Let us look at these recommendations together.” It is a subtle, yet powerful difference. 

Give Clients Permission to Interrupt. Many women, especially those from the Traditionalist and Baby Boomer generation, have been socialized to not speak up unless they are given permission to do so. To make sure your clients feel comfortable asking questions when they are confused or need clarification, encourage them to politely interrupt you in meetings. The questions they raise will help guide you in the financial planning process and provide a great opportunity to enrich the advisor-client relationship. It may take them a while to speak up, but giving them permission to do so fosters trust and helps you build a solid working relationship.

What is one action you will take in the New Year to improve your client communication? (Click to Tweet)