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Trends with Benefits #102: To the Widow Goes the Wealth

June 22, 2023

Listen Time 28:32 MIN

Learn how to educate and prepare family members for the wealth transfer to women.

You’ve probably heard about the wealth transfer to younger generations, but what about to surviving spouses? In the U.S., women tend to outlive men by five years on average.1 This means that, as their male spouses pass, women in America are estimated to control $30 trillion in inherited financial assets by 2030. Renee Springstead, Private Wealth Manager at Fross & Fross Wealth Management shares how she prepares both couples and recently widowed women for this transition. Offering this planning and support in advance can help financial advisors retain clients as 70% of widows switch financial advisors after the death of their spouse.2 We also discuss tips for family members, including tracking the cost basis of your investments, organizing the correct documents, and making sure important financial information is shared.

Show Notes:

03:01 The Wealth Transfer to Women

12:11 What Women Should Know About Finance

16:06 What to Expect: Changes in Income

19:58 Obstacles in Retirement

22:23 Opportunity in Roth IRAs

24:52 Long-Term Trend

25:54 Trend or Fad

Trend or Fad

Listen for Renee’s take on artificial intelligence (AI), crypto, active adult communities, aperol spritzes, pickleball, cold plunge pools, and boomer dating apps.

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1 McKinsey & Company, “Women as the next wave of growth in US wealth management,” July 29, 2020.

2 Forbes, “Be Financially Prepared For The Death Of A Spouse—Before It Happens,” May 26, 2022.

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