In the same week, I also met with a new female client, Joan, aged in her sixties and a recent divorcee. Similar to many women from this generation, her ex-husband had always managed the finances. Further, she had stayed at home to raise her two children, had not worked in 40 years and was uncertain how she to invest her money and how to fund her living needs for the rest of her life.

This is not an uncommon situation for myself and my fellow advisers at Hewison Private Wealth, and recent research shows it could be quite widespread nationally. CoreData’s Female Financial Abuse research found that 70 per cent of Australian women in a relationship feel at least somewhat reliant on their partner for financial support and 60.5 per cent of women in a relationship do not have any assets held separately from their partner in their own name. Furthermore, 53.2 per cent of women said they have no financial plan and only 10.5 per cent feel they have very strong financial knowledge.

Why is female financial literacy important?

Financial advisers do not have discretion to act on behalf of clients when they are unable to make decisions on their own accord. Therefore, it’s important that all parties in question understand the strategies that are implemented for them, so they can make good decisions if and when they need to.

 How does Hewison Private Wealth build the trust of our clients?

A key reason that an individual or couple might seek the advice of a financial adviser is because they do not have the time, interest or expertise to manage it themselves. That said, it’s crucial to ensure your adviser is equipped to manage your money as if it were their own and are acting in your best interests.

At Hewison Private Wealth, we work hard to develop strong relationships with our clients that are built on trust. We don’t ask our clients to trust us, it can only be earned over a period of time through open and honest communication and by delivering results that meet their needs.

We will work with Joan to ensure she understands, and is comfortable, with the financial strategies put in place for her. Through education, we’ll aim to build her confidence to be able to make good decisions on her financial situation over the long term, through strategies that will over time comfortably satisfy her financial needs and objectives.

The information provided above is general information only and individuals should seek specialised advice from a qualified financial adviser. Please contact Hewison Private Wealth for more information.