Studies show that women are not satisfied with current offerings for managing their wealth. 70% of women with wealth managers believe that their advisor should take a more female-centric approach (BCG Survey, 2010)and more generally, 84% of women feel misunderstood by investment marketers (she-conomy.com). Considering that 75% of the nation's wealth is controlled by women over age 50 (MassMutual Financial Group, 2007), this seems...dumb.
I've put together a small group of affluent women to find out what would make them happy, satisfied customers. Our first meeting last week was super-charged with energy and excitement. We talked about looking at money from the perspective of meaning and values which everyone felt was inspiring. Once women have financial security, they want a whole lot more than charts and risk tolerance from their money.
Women are interested in
•Sharing ideas and their relationship to money with a trusted group of peers, within the context of protecting their privacy
•Security – want to protect resources first, then be more adventuresome.
•Trusted long-term relationships with financial providers, eg, a longstanding family accountant who knows all the family members and the family's financial history.
•Communication within family – not finding financial skeletons in the closet from the generation above, working with spouse to achieve goals and leaving a legacy that gives freedom and flexibility to children while not reducing their children’s desire for success.
•Building knowledge around how to invest assets that align with their deeply held values “doing good while doing well”. I call this "premium with a purpose".
•Showing leadership in investing in more meaning-driven ways.
I'm looking forward to our next gathering in a few weeks.
I will be sending out a survey to a wide audience of women investors this week to find out more about their desires around aligning their values and wealth. Check back for a discussion of the results in early May!
If interested in participating in a discussion group or learning more, drop me a line at email@example.com.
Sunday, April 22, 2012
Thrilled that 25 Emerge women are running for office in Maine and that several Emerge women are running for the State House. This article suggests that the Emerge women could be the key to flipping the Maine State House from Republicans to Democrats. We decided to start an Emerge program in Maine in 2006 because races in Maine are affordable. Looks like we're seeing the payoff already!