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Here’s Why Wealth Management Is Different for Women
Unfortunately, many women are not receiving the services that they need in this regard. Women typically retire with half as much in their various retirement accounts as their male counterparts. Why is this the case? We don’t have to guess at one big cause: Women spend more years of their life caregiving instead of building wealth at a career, and as a result, they have to work 11 years extra on average than men to make up for that lost income. All of this is compounded at the moment by the fact that the job losses since the pandemic hit have disproportionately affected industries where women outnumber men — in businesses such as leisure, hospitality, education, and some areas of health care. Here is the reality: Every single woman needs a written financial plan. Whether they are divorced, married, widowed, or single, they all need a plan. That plan needs to cover contingencies such as widowhood and time away from work or earning other income to take on a caregiver role for a spouse or other family member. And it also needs to help balance investments. Men tend to put more money into riskier investments, which makes more money in a good economy. Women are more conservative on average, which can either really help or hurt them in the long run. But there’s a balance to be had, and a woman’s financial plan needs to keep that in mind. Once this plan is written, it has to be followed. Just as importantly, it has to be reviewed at least every year — ideally more often. For example,
When we look at the reasons that women older than 55 need to have a different wealth management strategy than men do, we can trace those differences back to one statistic that stands above the others: The average woman lives 3–5 years longer than the average man. Because of this, 75% of married women will become widows in their lifetimes — numbers straight from the Social Security Administration. A wealth management plan that accounts for retirement has to take this into consideration. A plan that would work for a man might leave a woman short for the last half-decade of her life or more. The average widow loses their spouse at age 59. I have seen this happen with many clients; it is never happy, and I know many readers understand this reality all too well. Another reality is that, when that happens, the widow will still live another 22 years on average (to meet the average lifespan of an American woman, age 81). Did the couple’s financial and retirement plan come up with a contingency for this situation? I’m talking about all of this because I cannot overstress how important it is for women to be thinking about these things — and not just thinking, but planning as well. And talking — with spouses, with family, and especially with a financial advisor who can help manage wealth in a way that covers all the bases, no matter what life brings.
at my office we are always on the lookout for the ways our clients’ plans and wealth may be impacted by the day-to-day events and the ups and downs of the market and our world. This month I want to help as many women as possible get on an equitable track. I can do that at my firm, but you don’t have to work with us. Just make sure your plan does the things listed above — they are the bare minimum. And make sure your financial advisor is aware of the very different realities facing women who are trying to make financial plans. We have videos and articles online specifically addressing this topic and women’s financial planning needs because we have many clients in this situation. Their plans are secure, and their futures are brighter as a result — and that is something every woman deserves.
Kelly Campbell
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3 Oldest Rookies in Sports History The Rookie
Have you ever felt that fate meant for you to take a different path than the one you took? In some fields, making that change is possible, or even common — as any law student can tell you, where the “average” age of students is in their 30s. But other worlds, like the world of professional sports, are less welcoming to those over 25.
majors, but hey, you try throwing 98-mph fastballs for hours a week, 104 weeks in a row!
experience — signed with the Philadelphia Eagles in the 1970s. Modern football has come a long way, critics will argue. But there’s no denying the old-school toughness and tenacity Papale showed in making it to the NFL. NBA player Pablo Prigioni’s career was twice as long as either Morris’ or Papale’s was, with four years in the big leagues starting in 2012 at age 35. But basketball is arguably less demanding on the body than football and even baseball if we look at the potential damage major league pitchers can do to their throwing arm. Their careers may not have been the stuff of dreams, but these three men showed something we all like to see: tough players hanging on long past their “prime.” And they lived the dream — if only for a while. We all love that!
Besides, the careers of pro athletes aren’t nearly as long as icons like Tom Brady or Peyton Manning would have you believe. The average MLB career may be a few years longer than Morris stuck it out, but in the NFL? Most players make it less than three years and quit, depending on the position. While you’re meditating on the ethics of chewing up football players for three years and spitting them out, all in the name of entertainment, consider the case of another similar story that was turned into a movie, that of Vince Papale — played by Mark Wahlberg in “Invincible.”
Which only makes for a better story when it doe s happen, of course.
That’s what Jim Morris discovered when he signed with a Major League Baseball team in 1999 after his 35th birthday. Morris’ life became the subject of the Dennis Quaid movie “The Rookie,” filmed just after Morris’ major league career had ended. You might think that two years is a short time in the
Of course, Papale — whose flag football prowess in his late 20s overrode his lack of college ball
Financial Advisor — or Wealth Manager?
Which Do You Need?
Today, with the proliferation of people taking up careers in the financial services and advisement field, it is easy to set yourself up as something you aren’t. Even long-standing positions like financial advisors, for example, can have their power diluted by people claiming to do the same thing for half the price. At the same time, genuine differences need to be recognized and subsets acknowledged. One question we’re often asked is what the difference is between wealth managers (like us) and financial advisors in general. The short answer is this: Wealth managers are financial advisors, but not all financial advisors are wealth managers.
Like all financial advisors, wealth managers should have an education and background in finance. In addition, they should be certified private wealth advisors and certified financial planners. And ideally, they’ll have more experience than the average financial advisor. That’s because what really sets wealth managers apart is the amount of money they’re responsible for: Wealth managers generally only accept clients with a high- to ultra-high net worth. And it really is a specific skill set. A good financial advisor may be able to protect the wealth of a high-net worth client, but if they’re used to smaller fortunes, then
they won’t know how to capitalize on that wealth for their client’s behalf. A wealth manager, however, will be able to grow that wealth in smart, secure ways and meet a diverse set of goals based on each client’s needs. They have experience with that kind of wealth, and they also have the contacts and connections that the average financial advisor just doesn’t have based on the net worth of their average client. At Campbell Wealth Management, we specialize further by working with clients 55 and older — meaning we know exactly how to help them get the most out of the fortune they possess, whatever their goals might be.
This is intended for informational purposes only and should not be construed as tax advice. Consult your tax advisor regarding your situation.
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Sometimes going grocery shopping can leave you feeling more like a detective than a human just trying to feed yourself and your family. Sleuthing down the snack aisle brings up questions about whether gluten- free means “good” and whether no added sugars means “nutritious.” The foundation of healthy snacking includes fresh fruits and vegetables, but how can you make smart (or smarter) choices when buying packaged snack foods? New smartphone apps mean the answer is just one bar code away. Switch It Up FoodSwitch is a mobile app developed by an international health advocacy group, The George Institute for Global Health. Even packaged foods that purport to be healthy can have high levels of salt, sugar, and saturated fat. While valuable information appears on nutritional labels, they can also leave you more mystified than empowered. Is This Good for Me? Apps to Help You Make Smart Food Choices
options for healthier alternatives. Each item gets a Health Star Rating from .5–5, making it easy to understand where the item falls on the health spectrum and how it compares to other brands. If that item doesn’t meet your dietary needs, let FoodSwitch recommend an alternative. In a Snap If you’re already a dedicated Snapchat user and don’t want to add another app to your phone, you’re in luck. Snapchat has recently implemented a scanning technology powered by the nutrition-tracking app Yuka. While it has similarities to FoodSwitch, the format Snapchat uses lays out the nutritional pros and cons of each item and gives each item an overall rating on the traffic-light system. Green means good to go, yellow means proceed with caution (moderation), and red means reconsider or only eat this item rarely.
In that case, simply open the FoodSwitch app, scan the bar code of the item you’re interested in, and get instant nutritional information and
With these two apps, you can put down your magnifying glass and pick up your smartphone. Making healthier snack choices is right at your fingertips.
Healthy Cooking Class With Health Chef Julia Tuesday, Aug. 10 at 3 p.m. Wellness & Wisdom Series
To register, visit our website or email us at Seminars@CampbellWealth.com.
Call Us Today (703) 535-5300 • 3
700 S. Washington St. Suite 220 Alexandria, Virginia 22314 (703) 535-5300 CampbellWealth.com
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CampbellWealth.com (703) 535-5300 330 John Carlyle St., Suite 400 Alexandria, Virginia 22314
Inside
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Wealth Management Is Different for Women — Here’s Why
2
The Rookie: 3 Oldest Rookies in Sports History
Do You Need an Advisor or a Wealth Manager?
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Apps That Help You Snack Smarter
Save the Date/Upcoming Events
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Family Day!
Securities offered only by duly registered individuals through Madison Avenue Securities, LLC (MAS), member FINRA/SIPC. Advisory services offered only by duly registered individuals through Campbell Wealth Management, LLC (CWM), a Registered Investment Advisor. MAS and CWM are not affiliated entities.
Who doesn't love a good ol’ fashioned Family Picnic with the smells of barbecue in the air, kids running around, fun games and activities, and great memories made? Over this past year, we have missed spending time with our own families as well as our extended family, YOU, our clients. I am so excited to have you join us at our First Annual Campbell Wealth Family Day Picnic on Friday, Aug. 20, at Lake Fairfax Park in Reston, VA. My team, my family, and I are looking forward to spending time with all of you! Our hope for this event is to have a great time, creating new memories with you and your families. Everyone is welcome: your family, kids, grandkids, great-grandkids, and even your neighbor who you may consider family! The event will include delicious food, engaging activities, good ol’ fashioned competition games, and so much more! You should’ve received a formal invitation via email, so be sure to save your spot(s)! If you have questions, please reach out to Carol for more information at Carol@campbellwealth.com.
As always, thank you for trusting in Campbell Wealth Management and we will see you soon!
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