SANCTUARY
  • Open Book
    • Featured Interviews >
      • Archives: 2021
      • Archives: 2020
      • Archives: 2019
      • ARCHIVES: 2018
      • ARCHIVES: 2017
      • ARCHIVES: 2016
    • More Interviews >
      • ARCHIVES: Interviews 2019
      • ARCHIVES: Interviews 2018
      • ARCHIVES: Interviews 2017
      • ARCHIVES: Interviews 2016
    • Autism Awareness 2022 >
      • Autism Awareness 2021
      • Autism Awareness 2020
      • Autism Awareness 2019
      • Autism Awareness 2018
  • Blank Canvas
    • Featured Artists >
      • 2022 Featured Artist Updates
      • Featured Artist Archives: 2021
      • Featured Artist Archives: 2020
      • Featured Artist Archives: 2019
      • Featured Artist Archives: 2018
      • Featured Artist Archives: 2017
      • Featured Artist Archives: 2016
    • Selected Works
    • Culture Crawl >
      • Archives: Culture Crawl
    • 2022 Focus on Youth >
      • 2021 Focus on Youth
      • 2020 Focus on Youth
      • 2019 Focus on Youth
      • 2018 Focus on Youth
      • 2017 Focus on Youth
      • 2016 Focus on Youth
    • 2022 Celebrating the Men in Our Lives >
      • 2021 Celebrating the Men in Our Lives
      • 2020 Celebrating the Men in Our Lives
      • 2019 Celebrating the Men in Our Lives
      • 2018 Celebrating the Men in Our Lives
      • 2017 Celebrating the Men in Our Lives
  • Body & Spirit
    • Healthy Body >
      • Archives: Healthy Body
    • Healthy Mind >
      • Archives: Healthy Mind
    • Nutrition and Exercise >
      • Laura's Corner Table
      • Archives: Nutrition & Exercise
    • Personal Safety >
      • Archives: Personal Safety
    • Alternative Therapy >
      • Archives: Alternative Therapy
    • Navigating Relationships >
      • Archives: Navigating Relationships
  • INSPIRED LIFE
    • TRAVEL JOURNAL >
      • Travel Journal Archives
    • YOUR MONEY & BUSINESS >
      • MONEY & BUSINESS ARCHIVES
    • CAREER JOURNEY >
      • CAREER JOURNEY ARCHIVES
    • Smart Steps >
      • ARCHIVES: Smart Steps
  • GUEST ROOM
    • Ask an Expert >
      • ARCHIVES: ASK AN EXPERT
    • Kindness & Karma >
      • Archives: Kindness & Karma
    • We Hear You >
      • Celebrated Readers
      • TALKBACK
    • Submit Your Work
    • Book Giveaway 2022 >
      • Book Giveaway 2022 Winners' Circle
      • Book Giveaway 2021 Winners' Circle
      • Book Giveaway 2020 Winners' Circle
      • Book Giveaway 2019 Winners' Circle
      • Book Giveaway 2018 Winners' Circle
      • Book Giveaway 2017 Winners' Circle
      • Book Giveaway 2016 Winners' Circle
    • Surveys
  • Events
    • Events-Services-Specials
    • Sanctuary Events
    • Coffee & Conversation
  • Advertise
    • Media Kit
    • Sponsor Ad Packages
    • Meet Our Sponsors
  • About
    • Myrna's Musings
    • Our Team
    • Support Us
    • CONTACT US
Your Money & Business

What to Do When You are Suddenly Put in Charge of Your Finances
November 2018

Picture
By Alessandra DiMauro, CFP®, AEP®
Going through a divorce or experiencing the loss of a spouse is a traumatic life event that creates significant turmoil and stress.  But if, on top of that, you're suddenly thrust into the role of being in charge of your financial affairs, it can be downright terrifying and intensifies the stress of an already awful situation. The unfortunate truth, however, is that such circumstances actually heighten the importance of making important financial decisions in the near-term.

If this is something you are going through, it's imperative that you have a financial professional to help you. In the 21 years that I’ve been an advisor, I’ve had the opportunity to work with many women who have found themselves in this situation. It has been extremely rewarding for me to be able to reduce stress and help navigate through what is initially perceived to be an insurmountable obstacle.

My recommendation for getting started is to take a deep breath and get organized. I assist clients in taking inventory to know what the assets are and where they are located. Other key areas to concentrate on are income sources and living expenses. From there, it is extremely helpful to prioritize and develop an action plan to address items step-by-step.

Here are some central issues to consider:

What do You Need?

Have an honest and detailed discussion about your feelings and preferences regarding financial matters. This will help you understand and define your own goals, objectives and attitudes regarding risk.   

Create a Roadmap

A financial plan should be created to serve as a roadmap for your future. You will find that the peace of mind that comes from knowing you’ve addressed various “what if” scenarios is significant. By covering your investments, insurance, estate planning and income tax planning all within the context of a personalized financial planning exercise, your anxieties and fears can actually be converted to feelings of empowerment and control. It will help to prioritize actions steps and feel the satisfaction of knowing your financial house is in order. 
  
Work with an Advisor who is Right for You

What’s even more important than the process is the person you choose to shepherd you through it. You need to engage with a trusted advisor who will partner with you during this difficult period. It should be a relationship with someone who is willing to educate, collaborate, and communicate in a manner that makes you feel comfortable and self-assured.
As much as the traditional marital roles for spouses have evolved, there are still many women who have not been as involved with the family’s investments and financial planning as they need to be once it’s their sole responsibility. And, as a result, the financial advisor currently in place may not be the best fit. Perhaps it’s a matter of chemistry and communication style, or perhaps it’s simply a matter of wanting a fresh start.

If you don't have a financial advisor, now would be the time to find one you trust. Similarly, if your current advisor feels like the wrong fit, don't hesitate to seek out a new one that suits your current needs and preferences. It's important to work with someone who can act as a compassionate advocate, keeping your best interests in mind. Your financial advisor should be someone you look forward to seeing, who puts your mind at ease and makes you feel more in control and grounded with respect to your financial affairs. Simply put, you owe it to yourself to have a relationship with an advisor that simply feels right for you…and when going through a major life transition, it's more important than ever.

Picture
Photo Credit: Amy Fletcher (A.E. Fletcher Photography)
Website
Contact

Alessandra DiMauro joined Resnick Advisors in Westport, CT in 2014. She works closely with clients to help them achieve their financial goals by advising on asset allocation, investment management and financial planning.

Alessandra brings over 21 years of wealth management experience gained from the Private Banking Divisions of J.P. Morgan, Bank of America, and Union Bank of California as well as spending five years as a Client Advisor with Round Table Services, LLC.

She holds the Certified Financial Planner™ and Accredited Estate Planner™ certifications and is licensed as a Registered Investment Advisor Agent. Alessandra earned a graduate certificate in Estate Planning and Taxation from the Irwin Graduate School of the American College and a Bachelor of Arts from Cortland College. She currently serves on the board of directors for the Estate Planning Council of Lower Fairfield County and is a resident of Westport, CT.

In her spare time Alessandra enjoys softball, tennis, golf and yoga.

​NEWS...

January Themes:
Hope, Reinvention,
No More Winter Blues


Next newsletter goes out:
February 3rd
​
Next Coffee & Conversation:

February 15, 2023
How Attachment Styles Affect Relationships
​
Next Team Talk:
TBA
Picture
SEND YOUR SUGGESTIONS:
Let us know what you would like
to see and read about in SANCTUARY.
seniorstaff@sanctuary-magazine.com
Free Newsletter
Support Us
Please LIKE us and FOLLOW us!
USE:
#WheresYourSanctuary
SEND US A GOOGLE REVIEW!

© 2022 Sanctuary Online, LLC
All rights reserved. Reproduction in whole or in part without permission is prohibited.
​Opinions expressed by contributors are not necessarily the opinion of this publication.
  • Open Book
    • Featured Interviews >
      • Archives: 2021
      • Archives: 2020
      • Archives: 2019
      • ARCHIVES: 2018
      • ARCHIVES: 2017
      • ARCHIVES: 2016
    • More Interviews >
      • ARCHIVES: Interviews 2019
      • ARCHIVES: Interviews 2018
      • ARCHIVES: Interviews 2017
      • ARCHIVES: Interviews 2016
    • Autism Awareness 2022 >
      • Autism Awareness 2021
      • Autism Awareness 2020
      • Autism Awareness 2019
      • Autism Awareness 2018
  • Blank Canvas
    • Featured Artists >
      • 2022 Featured Artist Updates
      • Featured Artist Archives: 2021
      • Featured Artist Archives: 2020
      • Featured Artist Archives: 2019
      • Featured Artist Archives: 2018
      • Featured Artist Archives: 2017
      • Featured Artist Archives: 2016
    • Selected Works
    • Culture Crawl >
      • Archives: Culture Crawl
    • 2022 Focus on Youth >
      • 2021 Focus on Youth
      • 2020 Focus on Youth
      • 2019 Focus on Youth
      • 2018 Focus on Youth
      • 2017 Focus on Youth
      • 2016 Focus on Youth
    • 2022 Celebrating the Men in Our Lives >
      • 2021 Celebrating the Men in Our Lives
      • 2020 Celebrating the Men in Our Lives
      • 2019 Celebrating the Men in Our Lives
      • 2018 Celebrating the Men in Our Lives
      • 2017 Celebrating the Men in Our Lives
  • Body & Spirit
    • Healthy Body >
      • Archives: Healthy Body
    • Healthy Mind >
      • Archives: Healthy Mind
    • Nutrition and Exercise >
      • Laura's Corner Table
      • Archives: Nutrition & Exercise
    • Personal Safety >
      • Archives: Personal Safety
    • Alternative Therapy >
      • Archives: Alternative Therapy
    • Navigating Relationships >
      • Archives: Navigating Relationships
  • INSPIRED LIFE
    • TRAVEL JOURNAL >
      • Travel Journal Archives
    • YOUR MONEY & BUSINESS >
      • MONEY & BUSINESS ARCHIVES
    • CAREER JOURNEY >
      • CAREER JOURNEY ARCHIVES
    • Smart Steps >
      • ARCHIVES: Smart Steps
  • GUEST ROOM
    • Ask an Expert >
      • ARCHIVES: ASK AN EXPERT
    • Kindness & Karma >
      • Archives: Kindness & Karma
    • We Hear You >
      • Celebrated Readers
      • TALKBACK
    • Submit Your Work
    • Book Giveaway 2022 >
      • Book Giveaway 2022 Winners' Circle
      • Book Giveaway 2021 Winners' Circle
      • Book Giveaway 2020 Winners' Circle
      • Book Giveaway 2019 Winners' Circle
      • Book Giveaway 2018 Winners' Circle
      • Book Giveaway 2017 Winners' Circle
      • Book Giveaway 2016 Winners' Circle
    • Surveys
  • Events
    • Events-Services-Specials
    • Sanctuary Events
    • Coffee & Conversation
  • Advertise
    • Media Kit
    • Sponsor Ad Packages
    • Meet Our Sponsors
  • About
    • Myrna's Musings
    • Our Team
    • Support Us
    • CONTACT US