Women still earn just 82 cents for every dollar a man earns, according to the Pew Research Center. To be financially comfortable, it’s important to focus on the two pillars of wealth: First, accumulating and growing your assets. Then, protecting the assets that you already have for your later years.

Worried about how to achieve this? Don’t be. Luckily, you likely have more of an influence on your own financial standing than you realize. By making smart financial choices and working toward a clear financial plan, you can consciously build toward the financial life you want.

The importance of financial planning for women

Those who have a financial plan in place “exhibit notably higher levels of happiness, indicating the psychological impact of having a financial strategy,” according to the Defined Contribution Institutional Investment Association Retirement Research Center.

However, some women seem to be falling short when it comes to making those plans. A recent study, BMO for Women Survey: The State of Financial Planning for Business Owners, found that compared with their male counterparts, women business owners aren’t doing enough business planning — including looking at business liquidity alternatives, examining stakeholder wealth transfer strategies or setting up personal and business tax strategies.

With these observations in mind, it becomes clear why it’s imperative for women to take control of their finances. Once they do, they can not only ensure their fiscal health but their overall well-being, too.

Making this happen requires education as well as finding the right professional advisor. Once women know what to look for, it’s easier to become a powerful advocate for short- and long-term needs and goals. The following four topics are elements of a successful financial plan that every woman should take into consideration.

1. Wealth planning: more than just dollars and cents

From the time you start your first job to the moment you retire and start tapping into your nest egg, building and preserving your wealth is often top of mind. Figuring out how to make it happen may not be apparent though, even if you’ve amassed significant assets.

Getting on track requires a personalized approach. Goal-based wealth planning, which considers how much money you have today as well as what you want and need to live your best life going forward, can be an effective option. This type of financial planning considers growth and asset accumulation as well as how to protect your assets.

Goal-based financial planning is a perfect option when it comes to planning for retirement, too. Working with a professional, it’s easier to figure out whether you’re on track to retire when you want — maybe you’re thinking of embracing the “financial independence, retire early” (FIRE) trend, or maybe your work brings you meaning and you can’t envision wanting to stop until you have to.

Whether your aim is to retire at 45 or 75, you’ll need to have enough assets to live comfortably and potentially leave a legacy behind for your loved ones.

2. Bank on it: finding the right banking and borrowing vehicles

Something that may not get much thought while creating a financial plan is how to choose the right financial services providers. This includes figuring out which banks, credit cards, mortgages and lines of credit will help you reap the biggest rewards.

Cash management is also a concern. For example, someone who owns her own business may struggle figuring out how to make an estimated tax payment to the Internal Revenue service. They may not know if it’s better to liquidate securities, take money out of an account earning solid interest, or seek out a custom lending opportunity that preserves what they already have in place. While there’s no simple answer, a financial advisor can help you run the numbers to see which option will make the most sense.

The more wealth you amass, the more these complicated money management questions will arise. Private banking can be a good solution. Using a private banker, you have direct access to a dedicated representative as well as wealth advisors. These professionals will listen to your goals, ask questions that you may not be thinking of and continually assess your entire financial situation, suggesting new products and making sure the mix that you have is helping put your money to work for you.

3. Going “all in”: investment decisions matter

Making investment decisions in the current market and economic climate can be daunting. As a result, it might be tempting to go the setit-and-forget-it route, leaving investments in employer-run funds or buying mutual funds. While these options can work for some, others may find that playing an active part in their investment strategy helps maximize returns.

You can improve your decision-making capabilities by working with a professional who understands the current market and how the economic environment will affect it over the short and long term. A solid advisor can help you make investments based on your financial goals as well as your values, for example through socially responsible investing that consider ESG (environmental, social, and governance) objectives. They will also take into account how investments will shape your tax costs.

Investment management for those with higher incomes and balances is different than traditional investment services in that your get direct access to dedicated portfolio management, a research team, and senior investment leaders. These professionals will do strategic and tactical asset allocation along with portfolio management, monitoring, and reporting. Just as important, they will handle investment account administration and capital market execution, too.

4. “Trust” me: estate planning is key to protecting your legacy

A July 2024 Caring.com survey found that only 32 percent of Americans have an estate plan, a comprehensive strategy that provides direction as to how their asset — including property and investments — will be allocated after their death. While it might sound difficult and even a bit morbid, a solid estate plan can actually help you reduce your overall tax burden while creating income for you while you’re alive.

Given that estate planning is not a one-size-fits-all process, the best trust and estate planning will protect your legacy using asset preservation over generations. This includes evaluating family complexity and providing professional management including recordkeeping and tax reporting.

For instance, when someone dies, the government collects estate tax on the value of an estate above a certain level. Today, this figure is $13.61 million per taxpayer, or $27.2 million per couple. The limit will remain in place until the end of 2025 when it sunsets, going back to an inflation-adjusted $5 million. Reducing your taxable estate is possible through a series of investments, trusts, valuation discounts and gifting allowances, all of which a wealth management professional can help you set up.

An estate planner can also work with you to plan ahead, helping you formalize this in documents such as a power of attorney, a health directive, and choosing an executor. When done right, estate planning can help you pass the torch to the next generation.