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The Financial Changes High Net Worth Women Need to Plan for as Joe Biden Takes Office

Anchin in the NewsJanuary 19, 2021Originally published by Worth
Anchin Partner Featured: Tara Burek, CPA

The Financial Changes High Net Worth Women Need to Plan for as Joe Biden Takes Office

Worth sat down with Anchin Tax Partner Tara Burek to discuss the changing relationship between women and wealth, what high net worth women need to keep in mind as they do their financial planning and what we all need to know about how tax policy might be changing with Biden at the helm: 

To start, what changes have you been seeing when it comes to the relationship between women and wealth?

In the last approximately five years, there’s been an increased level of women inheriting wealth, whether through being widowed or through divorce. At Anchin Private Client, we’re seeing an influx of female clients as a result because of our focus on ultra-high net worth individuals. Women generally like to work with other women, so it’s been an interesting experience and very rewarding on all ends.

We at Worth talk a lot about the wealth gap between men and women, and I’m really curious what you think of that as you see more women inheriting wealth and what that means for women’s progress?

Well, we’ve seen an influx of wealthy female clients in the Private Client Group. The shift in the wealth gap from men to women is more apparent. What we’re seeing is that women are finally taking their seat at the table and are being more assertive about their financial decisions. Historically, we have seen men making the major financial decisions in a relationship, i.e., how to invest their assets, deciding which home(s) to purchase, etc., and women would be in charge of the less significant financial decisions, like deciding how to decorate the home. Largely, a woman’s perspective was not considered beyond this. This is where we have seen a major shift when meeting with our clients. Whether it’s a multi-generational family that was traditionally led by a patriarch, or a single-generation family, we are seeing the major shifts in the role women play in the financial decision-making process. They are being assertive about their needs and what they would like to see happen with their wealth.

To speak to your point, we’re seeing how women are really becoming the drivers in their financial lives and in their financial worlds. This role comes with great responsibility because now they have become the gatekeepers to their legacy and their family’s wealth. Being educated in financial matters is very important so that women can understand the ramifications of the financial decisions they make today.

Read the complete interview on Worth.com.

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