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PRESSBUSINESS<br />

Financial considerations for women who’ve been widowed<br />

Most women will<br />

at some time or another<br />

be the sole financial<br />

decision-maker for<br />

themselves or for their<br />

families and, because it<br />

is estimated that over<br />

80 percent of wives will<br />

outlive their spouses,<br />

for many this will happen upon the<br />

death of their husbands.<br />

For those who had not taken<br />

an active role in financial matters<br />

before, the fears and uncertainties<br />

that follow can be especially paralyzing.<br />

And yet, the days and weeks<br />

to come are a time when some<br />

crucial actions must be taken.<br />

While listening carefully to client<br />

concerns is always an essential<br />

part of a successful client-financial<br />

planner relationship, it is critical<br />

now. “How can I be of help?” is a<br />

much more productive way to<br />

begin a difficult conversation than<br />

“here’s what you need to do” –<br />

what needs to be done will become<br />

clear soon enough.<br />

Financial planning normally<br />

takes into account both shortterm<br />

and long-term objectives, but<br />

a woman who has just been widowed<br />

feels that what she is going<br />

through now is anything but her<br />

Nancy Fellinger<br />

version of normal. Life is happening<br />

a day at a time, even<br />

at times in slow motion, and<br />

looking much beyond what<br />

she can see right in front of<br />

her can be overwhelming.<br />

Profound disruptions in<br />

the rhythms of a familiar<br />

daily life are often accompanied<br />

by moments of forgetfulness,<br />

and the physical and mental<br />

stresses that are so universally experienced<br />

can temporarily affect<br />

her capacity to think clearly – especially<br />

in matters less familiar or<br />

emotionally charged.<br />

Widowhood often creates a<br />

state of vulnerability that, sadly,<br />

can open the door to a form of financial<br />

victimization by product<br />

providers who look upon her as<br />

more of a sales opportunity than a<br />

long-term client, taking advantage<br />

of that vulnerability.<br />

Bear in mind that there are<br />

plenty of advisers out there calling<br />

themselves “financial planners,”<br />

but that is only a description, not a<br />

credential. True financial planning<br />

takes expertise, time and careful<br />

review of all aspects of a client’s<br />

circumstances well before the sale<br />

of any products. Over the years,<br />

I’ve witnessed the consequences of<br />

products bought without the ben-<br />

efit of planning and, more often<br />

than not, they’re not good.<br />

While not exclusive to widows,<br />

one development I’ve witnessed<br />

over the past few years and<br />

with growing concern as I talk<br />

with individuals and meet with<br />

prospective clients seems to be annuity<br />

products – whether fixed,<br />

variable or equity-indexed – in dollar<br />

amounts or designs that are out<br />

of proportion to the client’s needs,<br />

assets and family situation.<br />

While these can be enormously<br />

valuable financial tools,<br />

without careful consideration of<br />

the bigger picture they can be potentially<br />

disastrous at worst or just<br />

not the most financially rewarding<br />

choice ( for the client at least) at<br />

best.<br />

Especially at a vulnerable<br />

time, words like “safety,” “security,”<br />

and “guarantee” are enormously<br />

appealing, but unfortunately, it<br />

may be difficult at the same time<br />

to grasp the product’s down-sides<br />

or limitations and how those<br />

might play out over time. ere is<br />

rarely a cause for urgency in the<br />

purchase of a financial product,<br />

particularly those that are often far<br />

more complicated than they appear<br />

on the surface.<br />

A widow who has had limited<br />

Sev Shack leaves Avon for West Hartford<br />

By Alison Jalbert<br />

Editorial Assistant<br />

Fashion boutique Sev Shak has<br />

relocated to West Hartford Center.<br />

Sev Shak, owned by Sevanne<br />

Ngamariju, opened in 2011 on East<br />

Main Street in Avon. Ngamariju said<br />

that the move from Avon to West<br />

Hartford is for visibility reasons.<br />

“Exposure is key for us as a very<br />

new business,” she said.<br />

Sev Shak’s new location is at<br />

981 Farmington Ave., near Grants<br />

Restaurant.<br />

Sev Shak carries fashion apparel<br />

and accessories for women<br />

and juniors, delivering the latest<br />

fashion trends at affordable prices,<br />

according to the store’s website.<br />

Ngamariju said that the change in<br />

location will not affect the variety of<br />

clothes and accessories that she offers.<br />

“We’re always evolving, but it’s<br />

pretty much going to be the same<br />

quality styles,” she said. “We’re just<br />

focusing more on women, but we do<br />

still have juniors. We’re focusing on<br />

quality, the same great styles and<br />

personal service.”<br />

Ngamariju said she opened Sev<br />

Shak because of her passions – for<br />

retail, for the fashion business and<br />

for design.<br />

She has no background in fashion,<br />

but has always been fascinated<br />

by it.<br />

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“I’ve been sketching and drawing<br />

since I was 6 years old,” she said.<br />

“Fashion is something that was always<br />

in me. It was always there.”<br />

Prior to 2011, Ngamariju<br />

worked in the insurance agency, but<br />

said she felt very drawn to the idea<br />

of opening a boutique. “It felt like it<br />

was something I had to do,” she said<br />

of opening Sev Shak. “I took the<br />

plunge. I’m here, still plugging away.”<br />

Ngamariju has no regrets about<br />

her career change.<br />

“is is a very volatile and aggressive<br />

industry, but it’s very exciting<br />

to me. Retail is either something<br />

you love or you hate,” she said.<br />

For more information about<br />

Sev Shak, visit www.sevshak.com.<br />

experience with managing her financial<br />

assets might consider creating<br />

a “buffer zone” around her of<br />

experienced, trusted advisers who<br />

can help actively discourage the<br />

commitment of dollars before a<br />

careful and thorough review of her<br />

circumstances has been done and<br />

a financial plan with a path forward<br />

developed.<br />

And a woman who has been<br />

widowed who finds that she is not<br />

entirely satisfied with the relationship<br />

she has with the financial adviser<br />

she and her husband might<br />

have once shared should listen<br />

carefully to that inner voice and<br />

take heart.<br />

A number of recent studies<br />

have suggested that upwards of<br />

more than half of all clients who<br />

leave an adviser do so because of<br />

communication issues, feeling<br />

taken for granted, or generally not<br />

feeling understood.<br />

A study done by Fidelity Investments<br />

earlier last year found<br />

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860.584.1222<br />

Your SMILE<br />

is your<br />

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that nearly 70 percent of responding<br />

widows had transferred their<br />

accounts to a new adviser within a<br />

year of the husband’s death. So, if<br />

you find that you’re not getting<br />

what you want and need from the<br />

adviser you have now, do some research,<br />

interview a few and find<br />

another you can call your own.<br />

You’d be in excellent company.<br />

Nancy B. Fellinger, CLU®,<br />

ChFC®, CFP®, CRPC®<br />

Nancy Fellinger is a Certified<br />

Financial Planner practitioner<br />

and a VP of Investments at Coburn<br />

& Meredith, Inc. in Simsbury. She is<br />

past president and board chair of<br />

Financial Planning Association/CT<br />

Valley. Her practice is designed to<br />

serve the investment, income and<br />

financial planning needs of women<br />

who are single, widowed or divorced<br />

and of couples who are retired<br />

or interested in planning for<br />

retirement. Contact her directly at<br />

860-784-2605 or<br />

nfellinger@coburnfinancial.com.<br />

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April 4, 2013 The Valley Press 23

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