Individuals who work with a planning focused financial advisor make the best overall financial decisions. This was the finding of a recent Journal of Financial Planning article which looked at the impact that transactional vs. planning advisors have on clients. The study analyzed the impact of the client's decision making in the areas of investment risk, saving, life insurance, credit card debt, and emergency funds. This finding reinforces our use of financial plans as a foundation for financial advice when working with clients. Read the full article here.
Do you have what it takes to be a millionaire woman? According to the book “Millionaire Women Next Door” the most common factor of financial success named by millionaire women is perseverance. The millionaire women researched in the book shared other essential behaviors such as being disciplined to have long-term goals for the future and taking specific actions to reach those goals. For example, millionaire women tend to utilize detailed budgeting systems to track household expenses. Women also tend to stick with investment strategies during difficult market environments. This patience provides one reason why many studies prove women earn higher investment returns than men. It is important