Women face particular financial challenges: They typically live longer than men and often must overcome earnings gaps, either because of pay differences or career breaks for childrearing or caring for elderly parents.

And for women who aren’t in the workforce, some may not be as involved in their family’s financial decisions, leaving them vulnerable in case of a sudden major transition that could include divorce, or the death or incapacity of a spouse.

So how can women make sure they are planning adequately for their own financial futures, whether or not they are in the workforce?

Gulfshore Business asked three Southwest Florida banking executives how women can build, manage and protect wealth, whether earned or inherited, at different stages of life.

Learning to invest

Kerry Edwards, managing director of investments in the Southeast region for Wilmington Trust, said she encourages women in their 20s and 30s to start early when it comes to investing as part of their financial planning.

Edwards advised young women to educate themselves on the differences between savings and investments, and to “not be afraid to start to invest.”

“Women, typically, are a little bit more conservative than men when it comes to investing; we typically like to save more rather than invest more,” she says.

She said working women with 401(k)s or similar plans offered by employers should “max out” their contribution or at least match exactly what the employer does “so you get that free money.”

And when it comes to where to invest as a beginner, Edwards points to advice she gave to her niece when helping her open a small brokerage account with her summer earnings while in college. Edwards asked where she liked to shop and what she liked to buy and heard Lululemon, Starbucks and Sephora in response.

“So, I said, ‘Let’s buy you some Lululemon stock, let’s buy you some Starbucks stock,’” she recalls. “It’s a way to get the younger generation started: Invest in what you know, invest in what you use. It’s a [mutual fund manager and investment expert] Peter Lynch thing. I buy what I use.”

Preparing for the unexpected

Wealth advocate Megan Marquardt serves as president of the Fort Myers market for The Sanibel Captiva Trust Company.

She said women in their 40s and 50s, who are often more established in their careers and in their peak earning years, should be making sure they are financially organized as they approach retirement or face the possibility of sudden life changes.

Marquardt leads the company’s “Wisdom of Women” series of seminars for clients focused on investing, financial planning and estate planning. The seminars include case studies covering scenarios for women who may find themselves “suddenly single” through divorce or death of a spouse; dealing with a cash windfall, whether from the sale of a business or an inheritance; and planning during their midlife years to ensure an adequate lifetime income.

“We encourage women to create a personal balance sheet so that they know where their assets are held, how they’re titled and who the contact people are at the various banks or trust companies,” she says. “We also encourage women to create what I call a personal board of directors of the people that you’re closest with and your wealth adviser, or maybe an estate-planning attorney or a CPA. Having your team in place is important.”

Women and the intergenerational transfer of wealth

Adria Starkey, executive vice president and president, Collier County for FineMark National Bank and Trust, said women of all ages need to overcome what she sees as a “confidence gap” when it comes to financial planning and investing, especially in the massive intergenerational transfer of wealth that is happening.

Starkey, who leads FineMark’s Women’s Series, said there is currently $30 trillion to $40 trillion in intergenerational wealth passing to women.

“Just think about history: 50 years ago, a woman couldn’t have a bank account without a male being on the account,” she says. “She couldn’t buy real estate without a man. And here we are today with $30 [trillion] to $40 trillion being transferred to women.”

When it comes to how women at any age decide how to balance their portfolio, “You need to have a cash stash,” Starkey says. “And I don’t mean under your bed. I mean having cash sitting on the sidelines just in case. This has sometimes been difficult because, especially a few years ago, we were earning nothing on cash, so it was very costly to sit with not earning anything with those assets. But now, yields have increased very nicely, so you can have three months of your living expenses sitting in cash.”