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Financial Planning > Behavioral Finance

Pru Offers Tips On Working With Women Clients

By Marcella De Simone

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NU Online News Service, Oct. 24, 12:27 p.m. – Most baby boom women know they need to take their personal finances into their own hands, but relatively few actually do anything about it, according to a new survey by Prudential Financial, Newark.

“Most feel having a financial plan is important, but not so many go out and buy the products,” said Vivian Banta, vice chairman, Prudential Financial Insurance Division, at a recent media event. “Knowledge does not translate into action.”

Banta offered three approaches a financial planner can use should she be interested in advising women clients: organize, plan, act.

A planner could advise women clients to look through all her financial documents including credit card statements to track what is spent against a budget, Banta said.

“Only through education will women achieve true independence,” she said.

The next step, to plan, involves leading a woman client to focus on herself, her needs, her long-term goals and what it might take to ensure financial security over the next 30 or so years.

This step also includes reviewing one’s financial situation annually and developing and refreshing a plan annually, Banta said.

The third piece, to act, or as Banta put it, to “attack,” is “where the gap really resides.”

Acting involves finding a financial planner who is “genuinely concerned about their well-being that will help them assess their goals and financial situation,” Banta said.

This part also means communicating with one’s spouse if one is married and eliminating or reducing credit card debt, she said.

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