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Susannah a financial adviser, recently noticed a trend in the women that were coming to her for advice- they were all single women in their 30-50s, who were successful executives, CEOs, and business owners. Whether by choice or by circumstance, these women were managing their own finances for the first time in their life. Intrigued, Susannah and her partner Daniel, set out to interview these women and, as they did, patterns began to emerge.

In the former life of many of these women, managing the finances was traditionally the husband’s role; now they found themselves single and in control of their own money. Many women found that not all help is reliable and most had the added pressure of having less than half a working life to accumulate a lifetime’s assets.

10 finance tips for the suddenly single female exec:

1.       Those who quickly got back to a stable financial position made an early decision about whether they wanted to manage their own finances or whether they wanted to delegate it to an adviser.

2.       They were prepared. Whether you’re managing your own finances or you’re interviewing potential financial advisors, it helps to organise your financial documents ahead of time. 

3.       They were open and honest about their current situation. Many of the women that Susannah and Daniel talked to were nervous about meeting with an advisor and felt self-conscious about their money knowledge.  If you’re feeling that way, it’s perfectly normal.  Emotions often drive our financial decisions, and a good financial plan should leave you feeling inspired.

4.       They had clear goals.  What is important about money to you?  Do you want to put your kids through college?  Travel in Europe for a year?  Retire by the time you’re 55?  These are important factors to consider when making a financial plan.

5.       They built up a strong team of financial support and advice around them. Ask your friends for recommendations if you’re searching for an advisor.  Chances are that your friends have similar life experiences and will have good recommendations. 

6.       They took an active part in managing their finances. Knowledge is power and there are many options available to women who want to improve their financial literacy – whether through courses, books or even joining a networking group.   

7.       They chose advisors who made them feel good about themselves and motivated to achieve their goals. Many of the women Susannah and Daniel spoke to complained that they were made to feel stupid when they sought previous financial help.  Some advisors were condescending, some made it clear that she didn’t have enough money to work with, and most of them were more interested in selling her products rather than addressing her goals. Financial advisors aren’t one-size-fits-all. Set up a few interviews and look into hiring an independent adviser.

8.       They had a clear understanding of their risk profile. Evaluate whether you can stand to take a few risks or need to be conservative.

9.       The most successful women Susannah and Daniel spoke to were the ones who insisted on options.  A good financial advisor will be able to offer you options based on your financial needs so you can make informed choices.    

10.   You are not alone. Join the Financially Fit in Forty Days Challenge on Facebook. This Facebook Community provides you with the opportunity to meet other single career women who are taking back control of their finances.  It’s a supportive environment where there are no ‘dumb’ questions.

Susannah Kulincevic is a financial adviser at Brocktons Independent Advisory.