Until recently, it seemed that the world of finance and financial advising had missed the women’s liberation movement entirely. Matters of money were still considered to be reserved for men, and women were taught to marry well and let their husbands worry about the family finances. As simple web search shows, however, that in 2016 is when the financial advising world started to realize that it was finally time to realign its focus to the modern reality.
Women are more than 50% of the world’s population and hold 30% of the world’s private wealth. That is a large portion of the world’s wealth to simply ignore. In addition, today’s women are more educated than their male counterparts. In 2015, 60% of women had at least some college education or higher compared to 58% of men. More women are getting graduate degrees every year, and they are going on to accept more professional and leadership responsibilities.
A closer look at the financial planning needs of women, however, shows that they are not the same as those of men. Women’s career paths are different and often involve taking time off to be a caregiver. In addition, women make less money than men but need to make sure their retirement money lasts to meet their longer life expectancies. These are just some of the reasons women have different financial planning needs than men.
PFA is not just jumping on this new financial advising trend. Founded by a woman, PFA has always understood that women should have a different approach to financial planning. As a result, women make up 60% of the firm’s clients. The entire team of advisors is trained to understand each individual’s needs and take an approach that suits each person’s goals.
References:
https://www.cnbc.com/2018/04/30/women-need-to-take-an-active-role-in-their-financial-lives.htmlsomething like
https://www.wealthofconfidence.com/single-post/2017/12/05/Womens-Needs-The-Changing-Landscape-of-Financial-Planning
http://www.investmentnews.com/article/20180112/FREE/180119974/increasing-the-number-of-women-advisers-an-uphill-climb
https://www.professionaladviser.com/professional-adviser/feature/3034868/anna-sofat-the-changing-landscape-of-womens-wealth
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