A Woman's Perspective on Saving for Retirement | Guiding You Forward
The finance and investment industry has traditionally been male-dominated. Today, it can also be a rewarding and lucrative career path for women. Monica Henson, sales manager at Mountain America Investment Services, stops by the podcast lounge to share her views on how the landscape has changed over the last decade or so.
Watch the video to learn:
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Why meeting with a wealth advisor is the first step to retiring successfully.
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How often she recommends meeting with a wealth advisor.
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What to consider when choosing this financial partner.
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What employers can do to encourage more women to enter the financial industry.
We all know how important it is to start saving for retirement as early in life as possible. Monica’s advice is to start making it a habit today—even if it’s just a small amount. She also recommends meeting with a wealth advisor. Even if you don’t have a lot of money, she says, “Don’t be scared—just do it! People who regularly meet with an advisor generally have 15% more in savings than someone who doesn’t.”
Once you start meeting with a wealth advisor, the next question is how often. Some people think you should meet annually until you start getting closer to retirement age—then it should be more often. However, Monica recommends letting life events dictate how often you meet. Watch the full video above to get her reasoning.
We also asked Monica what we should consider when choosing a wealth advisor. She explains that everyone is different and has unique needs and wants. “Do you want someone who is responsive? Or someone who is more hands off and meets annually,” asks Monica. “Look for someone that listens, asks questions and keeps your financial goals in mind. It’s all about the connection.”
When it comes to getting more females into the financial industry, Monica says things are getting better, but we still have a long way to go. Only 20% of wealth advisors are female. One big reason women are staying away? Many are afraid of working on commission. “Employers need to be more willing to offer creative compensation plans to attract women,” says Monica. Watch the video above for a few examples.
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