Clients Who Lose A Spouse Require Both Empathy And Skill


This article was originally published in the Financial Advisor Magazine.


Clients Who Lose A Spouse Require Both Empathy And Skill


More than half of Dan Lash’s clients are widows and he expects another 30 to 40 percent will become so eventually, while nationwide 53 percent of widows have not prepared for what would happen if their spouse died, according to a new Merrill Lynch/Age Wave Study study.

When asked by his clients, Lash, a partner at Vienna, Va.-based VLP Financial Advisors, advised calculating the value of marital property within six months of a spouse’s death.

“An appraisal will determine what the gain is and set a new cost basis in the event you sell the home five years later,” said Lash.


Widowed, a significant demographic

By sheer virtue of their numbers, the widowed have become a significant demographic with 20 million currently residing in the U.S. The “Widowhood By The Numbers” study from Merrill Lynch and Age Wave found that among them, four-in-10 women experience widowhood as a trigger to begin working with a financial advisor.

“They are in their 70s and 80s and single again for the first time in years,” said Tom Balcom whose financial advisory practice, 1650 Wealth Management, is based in the middle of the “silver tsunami” in Lauderdale by the Sea, Florida. “A financial advisor can help by creating a budget that includes outflows and inflows such as social security, retirement portfolio disbursements, annuity payments, spousal benefits and pension income. If a budget already exists, the advisor can adjust it if the widow now has to live on one social security check instead of two.”

One variable that sets apart the widower demographic from singles who have never been married is mourning.

“The danger is for the widow to be overwhelmed with grief and to allow finances to take a backseat, which makes decisions even tougher to deal with later,” said Lisa Margeson, head of retirement client experience and communications at Bank of America Merrill Lynch.

About 64 percent who had not planned at all worried they would be unable to support themselves immediately after the death of their spouse.


“Widowed clients are often unsure and scared because they don’t want to be taken advantage of,” said Cary Carbonaro, managing director of United Capital of New York and New Jersey and 2014 CFP Board Ambassador.


Among the challenges they face is the complex task of juggling multiple incoming assets. Some 69 percent of widows will receive a median amount of $15,000 in survivors social security, 63% will receive a median of $15,000 in life insurance, 46 percent receive a median of $25,000 from their spouse’s pension and 45 percent receive a median of $20,000 from spouse’s 401k income.


This article was originally published in the Financial Advisor Magazine.

Power of the Purse: Cary Carbonaro at Women’s Night Out


Mimi Schanzlin and her United Capital Team organized a special Women’s Night Out with guest speaker and best-selling author Cary Carbonaro.


Buffalo, NY, Meets The Money Queen


It’s no secret that women have a unique relationship with money:


We strive for financial security to support our family, ensure we can retire comfortably, create independence separate from our partners, and along the way, buy some nice purses. As much as we are motivated to make money. – Cary Carbonaro

That’s Cary Carbonaro recently spoke to a group of dynamic ladies at Buffalo, NY, and reminded them that we often do not consider the crucial relationship between what we do today and how it WILL impact our life tomorrow.

They also got a copy of The Money Queen’s Guide, a book for women who want to build wealth and banish fear. A guide that will lead them through each of the financial decades step-by-step and provide insight into the steps women can take, and the decision we should make to build a financially responsible future.






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Cary Carbonaro: Speaker at Barron’s Top Independent Women Advisors Summit

Last week Barron’s offered an intimate event named Top Independent Women Advisors Summit, where the nation’s top independent women advisors like Cary Carbonaro gathered for an exclusive chance to share ideas, grow professionally, and network with peers.


Best Minds in the Wealth Management Industry


The Barron’s Top Women Advisors Summit brought together the best minds in the wealth management industry. It was designed to facilitate a free-flowing exchange of information, ideas and insights from the industry’s most accomplished advisors— in the interest of raising the standards of excellence in the wealth management profession.

The conference included strategies for improving outcomes, ideas on growing your business, and discussion on the challenges facing the wealth management industry.

Deepening Connectivity and Attracting New Clients With Responsible Investing


Cary Carbobaro at Barron’s Top Independent Women Advisors Summit


During the Barron’s Top Independent Women Advisors Summit, Cary Carbonaro provided highly detailed and thought-provoking perspectives on managing investments, clients and practices.




Book Cary Carbonaro at your event