Financial planning isn’t just for the wealthy: Why more women may need a plan sooner than they think
- May 6
- 3 min read
By Karla Salinas
BOK Financial
For a long time, financial planning was viewed as something meant for retirees or the very wealthy. But for many women, the need for a financial plan has less to do with net worth and more to do with the fact that your financial life becomes more complex over time.
Life changes such as marriage, children, homeownership, caregiving, or the loss of a family member can all affect how money moves through a household. Even women who save regularly or contribute to a 401(k) can reach a point where they have multiple accounts, growing responsibilities, and long-term goals but no clear plan that brings everything together.
Many women are already making major financial decisions at home. Research from the CFP Board shows that about 69 percent of women say they are the primary decision-makers for their household’s investment choices. Other studies show that women retire with about 30 to 40 percent less saved than men, even though they often live longer. This makes thoughtful planning even more important.
It’s less about wealth than complexity
One of the biggest misconceptions about financial planning is that a person needs to reach a certain level of wealth before it makes sense to engage a financial planner. A better question is not “Do I have enough money for a financial planner?” but “Has my financial life become complicated enough that I need more structure around it?”
As life changes, financial decisions become harder to manage on their own. Saving, spending, investing, insurance, and estate planning all affect one another. Financial planning helps bring these pieces together into one strategy, so they work toward the same goals.
A financial plan is also about preparing for events that can disrupt a household’s finances. A disability, a serious health event, or the loss of a spouse can change a family’s financial reality overnight. Even women who feel their finances are in good shape should ask these questions before a crisis forces the issue.
What to look for in a financial planner
If you are ready to find a financial planner, focus on three things: how the planner is paid, what services are included, and whether the planner is required to act in your best interest.
Some planners charge a percentage of the assets they manage. Others charge a flat fee, an hourly fee, or a mix of the two. Some are commission based, especially when they sell financial products.
Credentials also matter. The CFP (Certified Financial Planner) designation is one of the most widely recognized, but it is not the only one. Other respected designations include CFA (Chartered Financial Analyst), which focuses on investment analysis and portfolio management, and CIMA (Certified Investment Management Analyst), which centers on evaluating investment options and building portfolios for individual clients.
Some professionals also hold tax and accounting credentials, including CPA (Certified Public Accountant).
The goal is to choose someone whose qualifications, services, and responsibilities are clear from the start and make sense for your needs.
Planning should start earlier than women think
For many women, the biggest barrier is not access. It is a mindset. Some women did not grow up in households where financial planning was part of their household. That can make planning feel like something meant for other people.
But remember, financial planning does not have to begin once a woman considers herself wealthy. In many cases, it should begin when she wants more clarity about how today’s decisions connect to the future she is trying to build.
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