The new calendar year undoubtedly brings a long list of goals and good intentions. On top of that, we leave behind a holiday season full of untamed spending only to stare down tax season. What better time than now to discuss the need for financial planning?

In order to break down what could be an overwhelming topic, we turned to one of our very own, Patti Daly, CTFA, Vice President & Trust Officer in the BankPlus Wealth Management Group.

Tell us a bit about yourself and what you do.

PD: I am a graduate of Mississippi State University with a Bachelor of Science degree in marketing. I am also a graduate of the Southern Trust School and the National Graduate Trust School at Northwestern University. I have obtained the American Bankers Association’s Certified Trust and Financial Advisor (CTFA) designation and have more than 30 years experience in the Wealth Management field. My strength is providing exemplary customer service for my clients along with meeting their personal financial and investment needs. I am blessed with two beautiful daughters and a precious granddaughter. We have lived in Madison for the past 30 years.

Are there any questions you hear more often from women than men?

PD: Women tend to worry more about finances and what will happen in their retirement years. We get a lot of women that ask the “what will happen” questions. Questions about social security benefits, retirement income, life insurance, and long term care planning are all important elements in proper planning. We can help women feel comfortable with their financial situation and walk along side them in reaching their goals. Women need someone they can relate to and trust when looking for a financial advisor.

Do you think women take a different approach to financial planning?

PD: Most definitely! There are several reasons why women need to take a different approach to financial planning.

First, we tend to live longer than men. This increased longevity means that our retirement savings needs to last longer. These extra five to six years often find women with increased health care costs as well.

Second, women usually have a break in employment when children are born and raised. Some women will trade in their higher paying job for one that is more flexible and has better hours. This will have an impact on their personal income and retirement savings.

Third, being a woman just costs more! With monthly expenses for hair, skin care, clothing and such, we just tend to spend more.

Fourth, women will most likely be on their own at some point making financial decisions. This is a very important reason to have a plan and an advisor you feel comfortable with.

And last, women may earn less than men. This is a statistic that is sadly true. However, women do have the opportunity for financial planning and can be prepared for their financial future.

What are the differences in financial planning needs of millennial women and women more established in their careers?

PD: Millennials face pension uncertainties, move more than the previous generation, and many strive to become entrepreneurs or freelancers rather than paid employees—meaning the retirement burden will fall on them. Working with a financial advisor can help women and millennials cope with these added pressures. Find a financial advisor that is compatible, works with your schedule and takes a holistic approach to you and your investing.

What are the most misunderstood aspects of financial planning?

A lot of people think that once the plan is done, the financial advisor is finished with his/her job. To me, this is simply the beginning. Creating the plan is like drawing a road map; implementing the plan and “traveling the road” together with a financial advisor is how you make it work.

Financial peace isn’t a problem that can be completely solved with a blog post or resolution, but it’s a starting point. For our first educational event of 2019, The Source is bringing together some of the best in their respective fields to dive deeper into the topic and answer some of your tough questions. Tina Hendry, CPA (Grantham Poole), Nathan Lucas, CTFA (BankPlus Wealth Management Group), and Sharon Wood (Wood Griffith Insurance Services) will join us for Lunch with The Source on January 30th. Mark your calendar and stayed tuned to The Source for your chance to sign up!



*Not FDIC Insured; not bank guaranteed, may lose value.