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December 03, 2019

Oakland, CA: Best Asset Management Firm for Women Advising Women on Finances

Posted in: Recent Projects

According to the Bureau of Labor Statistics, women represent 31 percent of U.S. Financial advisors.  Additionally, only 23 percent of CERTIFIED FINANCIAL PLANNER professionals are women according to the CFP Board’s white paper, “Making More Room for Women in the Financial Planning Profession.”  With not that many women advisors out there, it may seem difficult to find a woman advisor.  However, at First & Main Financial, we have a woman advisor who has worked with many of our women clients to help them understand and make decisions about their financial lives.  Most of our clients come to us based on referrals, especially those clients seeking to work with a woman advisor who will listen to their stories, understand their needs, and identify options for meeting goals.

One of our recent clients, Janie, came to us as a single parent with a young child, divorced and responsible for her elderly mother.  Her main focus was to make sure she was on the right path to fund her retirement, while at the same time funding her child’s college savings plan, and creating options to take care of her mom.  We went through a detailed data gathering process, uploading her data to our secure financial planning software. We then analyzed her information and produced a base case scenario; showing her current financial situation and outlook for years to come.  We also created multiple “What If” scenarios, such as different retirement ages, various investment strategies and different housing options for her mother and her family.

Within each of these scenarios, we projected a “probability of success” of reaching a life expectancy age with enough assets on which to live.  We demonstrated the positive or negative impact of these various scenarios to her total portfolio assets and net worth.  For example, by assessing her potential tax rates in future years, we were able to show the positive impact of converting her existing rollover IRA account to a Roth IRA, generating an additional $850,000 in net worth and portfolio assets.

In addition to reviewing her finances, we reviewed her insurance (Life, Disability, Auto, Renters/Home, Medical, etc.) to assess if she maintained enough coverage.  We recommended that she get a quote for an Umbrella Policy to give her greater liability coverage above her auto and home insurance policies, especially since her net worth was significant.

After presenting the financial plan to Janie, she asked First and Main Financial to manage her assets.  We offer a tiered fee schedule for our clients, which Janie appreciated. Like most of our clients, she considered this a good deal compared to the industry average and starting rates usually charged by other firms.  We also provide clients like Janie with quality and individual attention as well as complimentary guidance on existing 401(k) money.

If you are looking for some financial guidance, whether it’s for a one time financial plan or continuing advice on your investments, we invite you to meet with the First & Main Financial advisors for a free consultation.  We work with a variety of clients, especially women like Janie, who are looking for a relationship with a knowledgeable and trustworthy advisor.  We would be more than happy to sit down with you, assess your current financial situation, and review with you our services to help you navigate your own financial future.

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