Baby boomer widows: the process of working with a professional financial advisor

Abstract

<p>Baby boomers, those born between 1946 and 1964, represent 77 million people in the United States or roughly one out of every three Americans. Baby boomer women comprise 37% of the total female population age 15 and older. Fully 70% of baby boomer wives are expected to outlive their husbands. Even though there are currently only one million baby boomer widows, their numbers will increase dramatically in the coming decades. Financially preparing baby boomer wives for widowhood and supporting them in widowhood is very important. Professional financial advisors, such as certified financial planner practitioners, may be able to play a key role in this process;This study followed a qualitative systematic grounded theory research design to learn about the process of baby boomer widows working with professional financial advisors. Twelve baby boomer widows, who currently work with financial advisors, were interviewed and a model was developed. The model involves the central phenomenon of baby boomer widows trusting a financial planner. Causal, intervening and contextual conditions were identified, along with strategies and their consequences. This model can be used by baby boomer wives, baby boomer widows, financial advisors, and educators to better understand and meet the unique needs of current and future baby boomer widows.</p>