Category

Women and Wealth

Myth: Women are Financially Dependent

By | Financial Psychology, Women and Wealth | No Comments

In this brief video, I bust the myth that women are financially dependent. Part of my work with financial advisors is to dispel the notion that women are not interested in finance and defer to the men in their lives to make and manage the money. The truth is many women create their own wealth and are the primary decision-makers for many couples.

Women are an economically powerful and growing segment of the client population. Offering to help women engage in healthy financial conversations is a wonderful service that will attract and retain these affluent and powerful consumers. So let go of the idea they all women are financially dependent and start getting curious about the unique client sitting in front of you – regardless of his or her gender.

How do you engage female clients in financial conversations?

Kathleen Burns Kingsbury (KBK) is an expert in financial psychology who is passionate about training financial services professionals on how to effectively communicate with women, couples, and families. Drawing on over two decades of experience in psychology and finance, Kathleen’s keynotes and workshops will inspire, educate, and entertain your audience while offering practical tips and tools that work in the real world. Every talk is customized to meet your organization’s meeting goals and objectives and is highly interactive to keep your audience engaged in the learning process. If you want a fun, engaging and thought-provoking speaker for your event, KBK is the right one for you.

Contact us for more information.

Myth: Men should manage the money.

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

Stacy Francis, CFP®, CDFA®, CES™, Francis Financial 

The myth that men should manage the money is one that many women succumb to when they get married. This includes women who for years managed their own money during college and at the beginning of a career. However, approximately 80% of women will end up having to manage their money without a partner at some point in their life due to divorce or the death of a spouse. Stacy and Kathleen investigate this myth and how it can severely disadvantage women throughout their lives.

Take Aways:

  1. The upside. There is an upside to men always managing the money. In the short run, some women who are intimidated by finances or who don’t feel they have the time to devote to money management get relief from this responsibility. Eventually, the upside diminishes and can create a real problem for women after a divorce, or the death of their partner. 
  1. Try a money date. A great way to get more comfortable with money is to have a date night to talk about finances in a non-threatening and engaging way. Listen and learn how Stacy and her husband have gotten creative with their money dates so everyone gets their needs met. 
  1. Use apps. It is important for each person to fully understand where the money is going. Using finance tools like Mint.com is a great way to integrate spending with education about where your money is going. It is an easy online system that connects with your bank accounts, tracks your spending, and even categorizes them for you. 

Bio:

Stacy Francis, CFP®, CDFA®, CES™ 

Stacy is the President and CEO of Francis Financial, which she founded 15 years ago. She is a Certified Financial Planner® (CFP®), Certified Divorce Financial Analyst® (CDFA®) and a Certified Estate and Trust Specialist (CES™). She is also the founder of Savvy Ladies™, a nonprofit that has provided free personal finance education and resources to over 15,000 women. 

Stacy has received numerous awards including Investment News Top 20 Women to Watch in the United States, Financial Planning Association’s Heart of Financial Planning Award and Financial Planning Magazine’s Pro Bono Award. She was also listed as a National Money Hero by CNN Money Magazine and received the Women’s Choice Award for one of the best financial advisors for women. 

She is a nationally-recognized financial expert as an active member of CNBC’s Digital Financial Advisor Council, the Forbes Finance Council, as well as an expert contributor for The Wall Street Journal. She has appeared in over 100 media outlets including CNBC, CNN, Good Morning America, Investment News, Money Magazine, NBC, The New York Times, and USA Today. 

Special Offer:

Stacy recently released her own podcast. Every other Tuesday, tune in to Financially Ever After with Stacy Francis. Download Unveiling the Unspoken Truth, The Financial Challenges Women Face During and After Divorce.

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 BMOforWomen.com.

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 kbk@kbkwealthconnection.com 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.