Financial Planning

Looking for a Financial Advisor for Moms?

By  Brian Thorp

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Are you a mom thinking about hiring a financial advisor? Get to know financial advisors who specialize in helping moms with money and more.

Simply being a mom is hard enough, requiring considerable patience and time management skills. Managing your finances as a mom while trying to raise children may feel nearly impossible.

The good news for moms is that you don’t have to do it all on your own. A financial advisor who specializes in serving moms and understands the mayhem of motherhood can ease the burden of balancing your budget and offer sound advice to save for your children’s future and your own retirement.

You’ll likely find dozens of nearby financial advisors well-suited to help you reach your money goals with a personalized plan. However, it may be more difficult to find a financial advisor who specializes in understanding the unique circumstances of moms tasked with balancing their financial lives while raising a family.

Fortunately, many financial advisors offer virtual services so you can meet online no matter where you (or they) live. This means you can choose to hire a specialist financial advisor who lives hundreds of miles away if you decide their knowledge and experience working with moms is a better fit to help with your unique financial planning needs.

Financial Planning for Moms

💡 In the Q&A below, you’ll gain insights from financial advisors who work with moms to help them make smart decisions to enjoy their family life more today while preparing for a comfortable retirement in the future.

🙋‍♀️ Do you have questions not answered below? Use the form on this page to submit your questions, and we’ll update this article with answers from the financial professionals and educators in the Wealthtender community. You can also contact the financial advisors featured in this article directly to set up an introductory call or ask your questions by email.

💸 Smart Money Insights for Moms

This page is organized into sections to help you quickly find the information you need and get answers to your questions:

  1. Q&A with Financial Advisors Specializing in Serving Moms
  2. Get Answers to Your Questions About Financial Planning for Moms
  3. Browse Related Articles

Q&A: Financial Advisors Specializing in Serving Moms

Answers to Your Questions with Nycole Freer, CFP®, BFA™

We asked Nycole Freer, a financial advisor for moms based in Aliso Viejo, California, to answer a few questions useful to moms preparing to hire a financial advisor.

Q: What is a common financial planning challenge unique to new moms that you frequently encounter when working with your clients? How do you work with them to overcome this challenge?

The most common financial planning challenge I see is getting parents set up with life insurance if they don’t have it already. I mainly recommend term insurance unless there is a need for permanent life insurance for that specific family’s circumstances. Each family’s case is different, and it’s important to work with a good financial advisor who is fee-based or has the designation ChFC or CFP

The beneficiary should be your spouse, and the contingent beneficiary should be your trust. If you make the child the contingent beneficiary, someone will now have to create a guardianship trust, and there will be a trustee to manage the funds. But if it was in the name of the family trust, then you can control what happens with the assets from the grave, so to speak. 

Also, it’s important to make sure parents have guardianship in place. God forbid something happens to both parents; who will take care of the child? These are tough things to think about, but very important to have in place. It can take a couple of months or longer for the courts to decide who will care for your child. 

Paying for medical bills is another financial planning challenge I frequently encounter. So, having enough cash on hand to pay the bills and being aware of the cost going into the birth of a new child will set you up for a little less stress when your baby is born. Calling your insurance company and speaking with them about the cost can be beneficial so you are more aware and if there are any other cheaper options to consider. 

If you can time it right and your company offers this benefit, you can sign up for an FSA, a Flexible Spending Account, and put what you think you will need for the upcoming year for medical expenses. An FSA is take deductible, and you can use the expenses on medical expenses that the insurance company approves. 

Another option is getting an HSA, a Healthcare Savings Account. For the years you have a high deductible health insurance policy, you can sock away anywhere between 3-7 thousand dollars depending on if you have an individual plan or a family plan. The contributions are federally tax-deductible, and each state has different rules on how they tax HSAs, so it’s important to look up your tax rules when that time comes. 

I don’t think you can do an HSA and an FSA in the same year. So, if you can, build up your HSA for all the years leading up to starting a family and then switch your insurance to a non-high deductible medical insurance plan for the year when you will have your baby. Having a baby can be very expensive, and you want the right medical insurance and plans in place for your needs, so work with a great medical insurance agent, CFP, or fee-only advisor

When it comes to maternity leave, having a dialed-in budget to know exactly, on average, how much you are spending every month will help you determine if you need to cut back on certain categories on your budget and/or increase others like food, medical, clothes, baby care items, etc. Also, knowing how much you are expected to receive from maternity leave will help with the financial stress of an increase in expenses and or a decrease in income. 

Daycare is another increase in expense. This is a decision on whether or not to go back to work, start a business either part-time or full-time time, and if you need to find childcare or if family will be stepping in, or if you need to hire a nanny. This is similar to the maternity leave topic on budgeting. Child care can be very expensive. Deciding on what is right for you and your family is a personal decision. Just don’t forget to update your budget or spending plan, I like to call it.

Most people want to decorate the baby’s room, buy a house, and move, all while pregnant, thanks to our hormones and nature for getting ready for the baby. These are large expenses that we might not think about. So, planning ahead and saving all before the baby comes is something to consider. 

To overcome these challenges, it’s important for me to be an accountability partner so my client gets these things done. I share stories of people who have and have not done these things and the consequences or benefits of having everything in place. 

By mentioning these areas to my clients to be aware of, they can reduce the certainty of the uncertainty. 

Q: For moms who are unsure whether or not they should hire a financial advisor at the current point in their lives, what guidance can you provide to help them make a more informed and educated decision?

Not all advisors are the same. Not all advisors have investment minimums. So, if that is your concern, look for a fee-only advisor who you can consult with for an hour. Most advisors offer free consultations, so use that time to get more insight. You can read books like “The Total Money Makeover” to get a general idea of how to manage your finances. 

Q: How do the services you offer moms distinguish your firm from other advisory firms? And how does your approach differ for single moms vs. SAHMs and working moms?

Well, I am relatively close in age with my clients. There aren’t a lot of relatively young financial advisors and advisors who are female. And add on experience and education, it gets fewer and fewer. 

Working moms are all very similar in regards to estate planning and insurance reviews, but the main difference between a dual household vs. a single household is the emergency fund requirements. If two partners are bringing in money, you may only need three months of living expenses set aside for a rainy day. Whereas, on a single income coming in, I would recommend six months of living expenses. And everyone’s situation is unique, so things could change.

The emphasis for SAHMs and single moms would be the estate planning and insurance needs. Like the heat is more turned on for these individuals. But it is still so important to have these things in place either way. 

Also, SAHMs, in general, don’t know much about what is happening with their finances. It’s important for both partners to know where their money is and where their insurance and estate planning documents are located. Knowing each other’s passwords is also important. And teaching my SAHM clients the financial basics so they can feel more empowered and aware of what to look for and think of. 

Having open communication about finances, how much debt each partner has, and where the money is going can actually bring partners together. Getting on the same page financially, having financial goals together, and working on those goals together can bring two people together. 

I also recommend having joint bank accounts where all the money comes in and goes out. It helps the two of you work together and be aware of your finances. And if one owner passes, the other owner still has access to the bank account. 

Get to Know Nycole Freer, Financial Advisor for Moms:

View Nycole’s profile page on Wealthtender or visit her website to learn more.

Q: When you first speak with a new mom, what questions do you like to ask to understand her unique circumstances better and determine how you can best help her achieve their goals?

  • How are you doing? 
  • How’s your partner doing? 
  • How is your baby doing? 
  • How’s your health? 
  • How’s your family? 
  • How can I be of the most help today? 
  • What are you looking to achieve? 
  • Where do you want to be 5-10 years from now? 

Q: For working moms thinking about leaving their current employer to accept a job elsewhere, what actions do you recommend they take before resigning and shortly thereafter?

Check the benefits of each job. See what the differences are and be aware of them. 

Check your vesting schedule for your retirement accounts and stock options if provided at your current and future employer. See if you need to spend down your dependents’ care spending account if you were to leave, and the same with your FSA. See if you are leaving any money on the table, such as a bonus that could be coming. And weighing the pros and cons. Maybe even asking the new employer for a signing bonus. 

Q: What questions do you recommend moms ask financial advisors they’re considering hiring to help them decide if they’re a good fit?

  • What type of clients do you usually work with? 
  • What is your investment style? 
  • What are your thoughts on permanent and term life insurance? 
  • What is the cost to work with you? Do you have any other options? 

Q: Is there anything that comes up frequently in your initial meeting with working moms or SAHMs that surprises you?

How do I get out of debt? How do I tell my partner? Can I have my partner come to the meeting? Of course!! And I’m not sure what I have. 

Q: Is there a particularly memorable experience or a moment you recall with a client who is a mom when you first realized the unique circumstances of moms warrant specialized financial planning services and support?

What I have learned is that these moms don’t really know what to do. And they love the guidance. One of my clients told me because of my conversation with her and her significant other, he has been so helpful and encouraging to her. My heart was so happy to hear that! 

Q: For working moms, SAHMs, or their friends who are interested in offering support when it comes to money matters, are there groups or online resources you recommend people consider?

Join Facebook mom groups. I’m here in South Orange County, so I joined that mom’s group. Get involved with other mom organizations like fit4mom, the mommy center, new mom school, the mom walk, and MOPS. These are great places to build friendships and meet other moms going through the same things. 

Dave Ramsey is also a great place as a Facebook group on the topic of money. Maybe I need to create a moms and money Facebook group 😊 

Are you a financial advisor who specializes in working with moms?

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Resources to Help You Choose a Financial Advisor

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About the Author
Brian Thorp, Founder and CEO of Wealthtender profile picture

Brian Thorp

Founder and CEO, Wealthtender

Brian and his wife live in Texas, enjoying the diversity of Houston and the vibrancy of Austin.

With over 25 years in the financial services industry, Brian is applying his experience and passion at Wealthtender to help more people enjoy life with less money stress.

Connect with Brian on LinkedIn

To make Wealthtender free for readers, we earn money from advertisers, including financial professionals and firms that pay to be featured. This creates a conflict of interest when we favor their promotion over others. Learn more. Wealthtender is not a client of these financial services providers.
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