A new network is set to shake up the male-dominated finance industry. Words by Charlotte Pasha.
If you haven’t heard of WealthiHer, get ready!
Created just this year, it was born out of acknowledgement that the finance industry is male-dominated.
And, it desperately needs to change to become more inclusive.
So, The WealthiHer Network was set up by Tamara Gillan and Lauren von Stackelberg, with 13 founding partners.
One of these organisations is Brown Advisory, an investment management firm based at 10 Bruton Street in Mayfair. Its head of international strategic advisory is Georgina Guy.
“Over the years we have developed our own educational programme for our female clients to foster a community of trust and knowledge that empowers them to make wise financial decisions,” says Guy.
“We are also committed to creating a working environment that inspires both female colleagues and female clients to thrive and leverage the power of their financial assets.”
The aims of WealthiHer are clear.
Guy says they are: “To support and encourage broader and deeper change around female financial empowerment, particularly given the rise of women’s wealth, which is arguably the biggest emerging market.”
Many women “don’t plan their financial future”
Mary Waring is a Mayfair-based financial adviser who specialises in helping women manage their money before, during and after divorce.
“I know from my own experience with my business how many women aren’t engaged with finance and how few take steps to plan for their financial future.
“They often lack knowledge and confidence around finance.
“All initiatives that help women become more engaged with financial planning and help the financial services industry to be more female-focused are to be welcomed,” she says.
Women will soon own most of the UK’s wealth
WealthiHer has found that women’s wealth is the world’s fastest growing market.
A report highlights that in six years’ time, 60 per cent of all UK wealth will be owned by women.
So, the network will act with insights on what women look for when it comes to investments.
For example, a report showed they are more concerned than men with social impact.
“Women will often have different priorities and attitudes to risk than men. They will often want to use their wealth to impact on others they care about – both within their immediate family and in wider society,” says Waring.
“It’s so important not to have a ‘one size fits all’ approach with clients, and instead to discuss exactly what it is she wants to achieve and then put a financial plan in place to help her achieve this.”
A WealthiHer report found that 36 per cent of women felt their own lack of knowledge, or finding the industry too complex, were the two key reasons why they weren’t actively engaged with the finance industry.
So what are her three top tips for women investors?
“Remember you are the client. Don’t assume you don’t understand. Assume that they haven’t explained it properly,” Guy says.
“Assess and test your risk appetite against your current circumstances and an appropriate time frame for your goals.
“And remember wealth (and life!) is dynamic. Things change over time. So don’t be afraid to re-set your goals.”