Monday, September 13, 2010

How Retirement Planning Shortchanges Women - WSJ.com

An assortment of United States coins, includin...Image via WikipediaBy RESHMA KAPADIA

After a long career managing large accounts for an insurance company, Lynn Brooks is hardly a financial novice. But when she sought help from a financial adviser after her husband died, they might as well have been speaking different languages.

Ms. Brooks, who's now 60, knew she had reached the age when her savings should be managed conservatively. Her adviser, however, had something more testosterone-fueled in mind, urging her to buy riskier assets like small-cap stocks. And when she phoned him, she says, he was often in a hurry: "It was as if he was saying, 'Leave me alone. I'll take care of this.'"

Ms. Brooks says she eventually took her business elsewhere -- but only after her nest egg had shrunk 30% over the course of a decade before the crash.
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