We read an interesting article in Financial Planning magazine recently that spoke about women who found themselves “suddenly single” either through divorce or the death of a spouse. The reason for our interest is because we have a number of clients who have found themselves in that position. The author surveyed only “high net worth” people (assets over $1 million).
- 7% are divorced
- 7% are widows
- 41% of first marriages end in divorce
- Between 700,000 and 800,000 women become widows each year
As baby boomers age, it is likely that the number of women who find themselves widowed will grow dramatically. The challenges of serving this group will mean that financial advisers will have to learn new skills, learn to listen more and become more sensitive to the needs of people who may have left the investment decisions to their spouse.
For more information, feel free to contact us.