Friday, June 9 quietly marked a historic day in the financial services world. On that date, all financial advisors were required going forward to forego any sales agenda and give advice that benefits their clients or customers—or, if they decide otherwise, to explain how and why they intend to give advice that instead primarily benefits themselves and their brokerage company.
Budgeting is often regarded as something people should do when they are starting out on their own, earning an entry-level income, and that’s certainly true. But a budget, or spending plan, is also important any time you experience a significant change in your income, especially when you are contemplating retirement.
I recently read the results of a survey that stated the majority of women associated wealth with the word “security,” while men generally associated it with words like “status” and “power.” My personal experience in working with clients has been that both women and men strongly associate wealth with security.