Women, Wealth and the Financial Industry – Post #7

In the last couple of posts, we explored many of the likely reasons why women resist building wealth.

In this post, we are going to take a brief look at the somewhat encouraging efforts being made in the financial industry.

The Financial Industry’s Current Focus on Women and Wealth

Right now, the whole financial industry is turning the room upside down trying to figure out how to get you more interested in wealth-building (and becoming a customer). Yes, they want your money, honey!

It seems every financially-focused company under the sun is running some kind of study on women and wealth. Research is being tabulated. Financial facts on women are being shared. Training and recruitment programs are being implemented.

Here are just a few of the studies, if you’d like to take a look (and I highly encourage you to do so):

• Ellevest on Women and Wealth
• Accenture on Women and Wealth
• EY on Women and Wealth

There is also a significant push to recruit more women into financial advisory roles in hopes of attracting more women customers.

(In some ways, this is reminiscent of the ultimately short-lived “Women’s Departments” set up in many US banks during the early 20th century to attract the business of wealthy women.

These were staffed with women in an effort for their female customers to “not see themselves as comparatively stupid”. (Nancy Marie Robertson – Book: Women and their Money 1700-1950)

An interesting, historical photo on this subject can be found HERE).

I do applaud the financial industry because they are absolutely taking important and welcomed steps to reach out to more women, and I hope they will continue with this timely trend.

But, It’s Probably Not Enough

Despite all their research and the ‘female advisor’ recruitment push, droves of women are still unlikely to suddenly take up “wealth building” because of the DEEP systemic, cultural, familial and internal obstacles we have recently covered.

What’s missing is a more holistic, life-centric approach to wealth building that deeply acknowledges and works with the hurdles and obstacles present in the culture and in women’s lives.

It’s time for a more feminine ‘meaning of wealth’ and ‘approach to wealth building’ to take the stage, and for the financial industry to meet women in this place.

This is where TREES enter the picture!!

Join me TOMORROW when I will dive into a brief exploration of the components and functions of trees.

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