Financial Advice for Women
Legendary singer-songwriter Bob Dylan crooned in 1964, “The times they are a-changin.” The idea may be even truer today than it was 50 years ago, especially when looking through the lens of the current economy. Michelle Patel, founder of Movéo Financial Group, lives the changes, the ups and downs of the marketplace, as she works daily with her clients to create and maintain their updated financial plans.
“Ten years ago, people believed their retirement assets would grow through the growth in their home equity, the appreciation of their retirement portfolios, and the matching contributions of their employers to their retirement plans,” says Patel, a certified financial planner whose company offers a wide range of financial service plans, each with a customized portal that ensures a private and secure location for the safe storage of client financial data. “Today, if the forecast for lower growth in the U.S. plays out, more of the growth in retirement assets will need to come from an increase in personal savings and personal contributions to retirement plans, and the paying off of mortgage balances.”
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WHAT'S IN A NAME? Michelle Patel explains that when she founded Movéo Financial Group in 2003 she was interested in a company name that focused on the importance of starting a financial plan as quickly as possible. “Movéo is Latin for ‘to set in motion,’” she says. “I chose the name because of the concept of time value of money, and that by starting a savings plan as early as you can, you will have a larger window to save. The key is to start; set the plan in motion.” |
Patel suggests that planning now is the key to staying ahead and building a strong foundation for the future.
“Early recognition that you may want to take some time off is the key,” she says. “When I work with clients on their financial plans, we focus on goals; they might include changing careers or starting up a business, which can have a temporary impact to income. By planning for these goals and going through the financial planning process, my goal is to help clients avoid any unpleasant financial surprises.”
A member of the Financial Planning Association, Patel says women often face a shorter earning window than do men, and many carry additional responsibilities, creating a shift in focus.
“Women tend to be very busy, especially if they are business owners, career oriented and have families to take care of,” she notes. “In addition to these responsibilities, many women also make many of the day-to-day financial decisions.
“Sometimes financial planning, or seeing the bigger financial picture, takes a back seat to the day-to-day activities,” Patel adds. “Asking for help, and getting that financial plan in place or updated, can help answer the question, 'Am I going to be OK financially?' It’s time to take a serious look at our finances, where we are and what we need to do to meet our goals.”
Finally, Patel says she works closely with clients to make sure their financial “recipe” is the right mix.
“Many times the recipe is wrong,” she says. “The mix of investments and portions allocated to each – or certain ingredients may be missing, like the types of investments – is what we look at. I look at matching a client’s appetite for risk, with the right mix of investments.”
Get Connected
Movéo Financial Group
www.moveofinancial.com
Editor’s Note: Securities and investment advisory services offered through FSC Securities Corporation, member FINRA/SIPC and a registered investment adviser. Fixed and/or traditional insurance services offered through Movéo Financial Group, Inc., which is not registered as a broker/dealer or investment advisor and is separate and independent of FSC Securities Corporation.
This story, written by Sandy Des Georges, is part of the Chamber's monthly Businesswise for Women email. To receive any or all of our email newsletters, click here.
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