Adrienne M. Penta is a Managing Director, as well as the executive director of the Brown Brothers Harriman Center for Women & Wealth at Brown Brothers Harriman. As more women are contributing substantially to the workforce, that also means that there is a lot more stress for them to bear when a loved one gets sick and they’re faced with the decision to quit their job to be a full-time caregiver. On this week’s show, Adrienne shares what a financial advisor can do for you during this emotional time and how they can set you and your family up for success.

Key Takeaways:

[1:15] What is the Center for Women & Wealth about?

[2:45] Women are the primary breadwinners in 40% of all US households and they’re starting companies at 1.5x the national average.

[3:15] 44% of women do not have a financial advisor and 51% of high net worth women say that their advisors don’t understand them.

[4:15] The average caregiver is a woman in her late 40s and she has a parent over the age of 65 and at least one child under the age of 18. They are getting squeezed.

[5:15] How does caregiving affect the work that Adrienne does for women?

[5:40] 18% of professional women who take 3 or more years off on average lose 18% of their former earning power, and that percentage can increase to 40%.

[9:55] Adrienne emphasizes the importance of taking some time off, whether it be for a few days or for a week, to discuss with experts on what to do next and how to accommodate your new responsibilities during a very emotional time in your life. You need a clear head.

[12:00] Caregivers don’t have advisors or professional support. So, if you’re going to quit your job, at least get yourself some financial support.

[13:35] Adrienne talks about the retirement gap for women.

[15:25] Women have to save 18% of their salaries and men only have to save about 10%.

[18:40] What should women be aware of as they plan and build their wealth?

[20:40] 61% of millennial women say they leave the investing decisions to their husbands.

[22:25] The whole family needs to be at the table when it comes to making financial decisions about the family’s future.

Mentioned in This Episode:

Bbh.com

Adrienne on LinkedIn