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Wonderful insights shared by Shiney and Vijay. It is very important that when an MFD visits the clients home he/she should encourage the better half to engage in the discussion and if the wife/ other female members are already part of the workforce it is very essentials for them to be part of the discussion. This way the family can draw their common budget and analyze risk better. The MFD can explain various products and not only Mutual Fund but also should explain the importance of having adequate insurance cover with both the spouses. Shiney rightly pointed out that Women tend to outlive Men. So, they also better understand the importance of sufficient Wealth creation to safeguard the familys interest. Women are more rational and conservative in term of choice of their financial intermediaries. Trust is the corner point of such engagement and more patient in terms of long-term performance. They also appreciate if their MFD discuss the different career choice for their kids, help them open Bank accounts in the Kids name or devise plan for the Kids Higher Education and carefully cherry-pick products suitable for their risk appetite etc.
Agreed mam. However, though I would like to engage my wife in the process of financial planning (though she is a post graduate in Commerce) she is least interested in what I do and how I invest her funds. Her job ends by asking me to invest a certain sum of money in a rightful way. I am unsuccessful upto now (Its almost 10 years after my retirement when I commenced my financial planning exercise) to engage and involve her in the process.
Women are natural savers is a truism. Personally I am comfortable when the lady of the house is interacting with me in all our financial planning discussions or with the husband.
