March is Women’s History Month
Women Controlling the Purse Strings in the Great Wealth Transfer
Monterey Bay Resident Director of Merrill Wealth Management
March is Women’s History Month, and we celebrate the growing economic power of women, who are earning more and controlling the family finances more than ever before, according to Bank of America and Merrill Lynch. For example, with the historic wealth transfer currently underway due to aging demographics, women are expected to control over $50 trillion in the next two decades – a new era of female financial power.
“As we celebrate Women’s History Month, as a financial advisor I am honored to be in the position to help the women of today build their financial legacies,” said Morgan McNally, Monterey Bay Resident Director of Merrill Wealth Management.
McNally, who was a stay-at-home mom raising her children for 15 years, certainly understands how money matters and how it can be intimidating for many women. But she assures her female clients that mothers have ideal attributes for planning and budgeting that are the basic building blocks of wealth building. Today, McNally leads a team of 33 financial associates as a partner of the Monterey/Carmel-based McNally Rhoades Bishop Group that manages nearly $5.6 billion in client assets.
“We have more female wealth clients than ever before, partly because women are earning more and generating greater wealth, but also because women who outlive their male spouses inherit the household finances and wisely seek our guidance,” she said.
McNally offers some tips for financial empowerment for women – and men alike – for managing their wealth, making sure finances are in order and being prepared for unexpected situations.
- Now is the time to become educated and active in your finances. Talk to your partner now about the household finances so there are no surprises in the future. Understanding expenses and investments enables you to take control and be better prepared for the future. You’re never too young or too old to seek guidance from wealth advisors you feel comfortable with, and learning financial basics.
- Be prepared and make sure all your finances are in order. Financial planning means not only making a plan for all your wants and needs, but not getting caught off guard with the unexpected. This may include things such as adequate insurance, tax-planning, long-term care needs, and retirement planning, all of those being addressed in your financial plan.
- Think long-term. Because women tend to live longer than men, some extra investment planning can go a long way, especially to anticipate and budget for increased healthcare cost projections, or making sure children are protected financially from unforeseen circumstances.
“It’s an exciting time for women and wealth right now, truly a new era of female financial power,” said McNally.
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