vp04.04.13
vp04.04.13
vp04.04.13
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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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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