Kathy Waite, a fee-only financial planner in the Regina, Saskatchewan area, says not only
are women like this easy prey for fraudsters but they are also sitting ducks for financial professionals who wish to push their own products on them, even with the best intentions.
Lets get organized and educate ourselves before it comes to this !
Waite says the best advice for women who find themselves at sea with their finances after the loss of a partner is to just do nothing for a while.
“I always tell them not to rush into any changes,” says Ms. Waite, who runs Your Net Worth Manager, a financial planning service with clients across Saskatchewan and, by remote, across Canada. “I encourage them to ask questions and to get any answers in writing. At the risk of sound self-serving, I would say, go look for someone who doesn’t sell things – someone who will just charge you for the advice and doesn’t have a vested interest in selling a product.”
She advises women to bring a friend – not necessarily a family member – to any financial meetings. She says often professionals will decide that “mom isn’t coping” and turn their focus to the relative.
Ms. Waite says it is easier for women to break finances into smaller goal-oriented chunks, such as living debt free and leaving money for children, rather than swimming against a tide of jargon