by Kristen Jackson
March 26, 2024
Over the years I have asked many of my female friends what they do for investing and I’ve heard many of the same responses: “Oh, my spouse takes care of that stuff”, or “I save some money in my retirement plan at work, but I’m not sure how it’s invested or if it’s doing well”.
When working with a new female client for the first time, I often observe a similar tone. Unlike their male counterparts, women are often more vocal about their perceived lack of knowledge in investments, not having the time to improve their knowledge, or generally not being interested in the topic. Their confidence is often low, but in my experience, it does not have to be that way.
I have worked with brilliant and successful women who simply lack the time to dedicate to their financial health, and yet money and future outcomes hang in the balance. Whether a female client is raising children at home, building a business/career, or both, most have a clear long-term picture in mind when reflecting on what they want to accomplish with their money. They are often focused on securing the future for those who depend on them—something I can deeply relate to as a working mother, spouse, and business owner myself.
However, the near-term details on how to get there can seem daunting, often derailing them from ever getting started.
Additionally, I have worked with women who have reached a challenging stage of life when suddenly for the first time, they find themselves in the financial driver’s seat for their family. Whether they have reached this point through retirement, the loss of a parent, becoming a widow, or even a divorce, I have learned that during times of transition—even with help from an accomplished advisor—their lack of confidence in financial and investment matters quickly becomes an overwhelming wave of stress.
I am passionate that it should not (and does not have to) be this way for women when it comes to their financial health. I have seen many positive outcomes in my years of work, and my hope for women is for confidence in their finances and knowledge about whether they’re on the right track for their long-term goals.
Women today have too many competing priorities pulling and tugging on their time, attention, and energy. It is only natural to deprioritize long-term finances and investments or to defer them to a spouse. If you aren’t inspired by self-study, that’s ok! Engage an experienced advisor to build your confidence, knowledge, and trust. If you and your spouse are already working with an advisor, attend the meetings! It’s imperative to take a collective management approach. Growing knowledge, gaining confidence, and building trust takes time.
My best success stories with women investors are with those who show up each year. When there’s consistency, I learn more about my clients and their families, which deepens our relationship. This enables me to identify opportunities to maximize the growth of their wealth, protect it, and build plans for transitions. There is nothing more rewarding as a female advisor in working with other women than to witness their confidence building over time and to be a partner in the long-term success of their hard work.