))
21. Financial Planning for Women Post-Divorce: Research Insights and Practical Strategies with Michael Kothakota
Manage episode 473775663 series 3584213
Content provided by Ashley Quamme. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Ashley Quamme or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ppacc.player.fm/legal.
Text us to share what you found helpful!
In this episode, financial planning practitioner and researcher Michael Kothakota shares evidence-based approaches for supporting women through divorce financial planning. Drawing from his extensive research and practice experience at WolfBridge Wealth, Michael reveals how traditional divorce processes often fail to address individual needs. But, by advisors taking a collaborative approach better outcomes are created not only for the client, but also the advisor-client relationship. Ashley discusses with Michael his research findings on alimony, saving behaviors, and gender differences in financial decision-making post-divorce. Something that every advisor out there should be aware of. Michael provides actionable guidance for advisors working with women navigating these challenging transitions as well as best communication practices. The conversation explores how understanding the psychological dimensions (i.e. the human side) of financial behavior can help advisors create more effective planning strategies that honor both immediate concerns and long-term goals.
Key Takeaways:
- Research shows distinct patterns in how men and women approach finances after divorce - women tend to prioritize emergency savings while men focus on retirement planning.
- Female clients, especially those with caretaking responsibilities, often prioritize immediate needs over future planning post-divorce.
- Rather than labeling client choices as "good" or "bad," effective advisors present options with their consequences non-judgmentally, preserving client autonomy while ensuring informed decisions.
Resources and Guest Information:
Take Action:
- Implement a Non-Judgmental Approach: When working with clients experiencing major life transitions, present options with their consequences rather than labeling choices as "good" or "bad," allowing clients to make decisions aligned with their values without shame.
- Help fellow advisors grow by leaving us a review!
Connect with host Ashley Quamme:
26 episodes
Share
