Created: Nov 05, 2023 06:00 PM
Dianne Blais, left, of Butterfield with Alison Morrison, chairwoman of 100 Women in Finance Bermuda (Photograph supplied)
An expert in the field has provided valuable insights into financial planning tailored for women at a special event organised by 100 Women in Finance Bermuda.
Members and invited guests gathered for an event hosted and sponsored by Butterfield and featuring Dianne Blais, VP of Private Banking and senior wealth adviser at the bank.
The organisation said Ms Blais guided attendees through the intricacies of mapping their financial future, sharing her expertise on where investments and savings should be at various stages of life.
She said life expectancy plays a significant role in the financial planning strategy for women. On average, women in Bermuda live to the age of 94 compared to men's average life span of 92. This difference highlights the critical importance of ensuring that financial assets last through retirement years.
Ms Blais told attendees that the savings required for retirement in their early 20s and 30s significantly differ from those needed in their 40s and 50s.
Organisers said Ms Blais revealed that the amount required to live comfortably during retirement is approximately 10 times one's annual salary.
Discussions also touched on the differences in how women approach their finances and investments compared to men, underlining the underutilised potential for women to seek advice from financial planners.
Organisers said the concept of starting an investment club was a notable highlight of the event, offering an alternative to the traditional book club.
Alison Morrison, chairwoman of 100 Women in Finance Bermuda, said: “I want to express my gratitude to Dianne and Butterfield for orchestrating such an outstanding event for our members.
“It was truly heartening to witness the presence of a diverse audience, encompassing individuals at varying stages of their careers and representing all age groups.
“Whether embarking on their financial journey towards retirement or nearing that significant milestone, attendees found Dianne's insights resonated with them.”
Ms Morrison added: “Her ability to address the unique needs and challenges of each stage of life, while guiding us on the path to establishing a personalised financial plan, empowered us to take charge of our financial destinies.
“The importance of seeking the advice and counsel of a financial planner early in one's career was a key takeaway, underlining the potential for greater financial security as we approach the later stages of our professional lives."
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