Excellent article in this weekend’s Financial Times Weekend On Wall Street. It’s well known that diversity is a sticking point in the wealth management industry, which has most advisors remaining pale and male, as author Sallie Krawcheck calls it. But there is a change on the horizon. Not only are women slowly seeping into the upper echelons of this industry, there is a shift in who owns the wealth: and it’s women. How? The industry’s core clients—white, male baby boomers—are dying out. And, given that women live on average a decade longer than their husbands, it means that widows are going to be coming into a large proportion of wealth that needs to be managed.
And that means that financial advisory will be changed too. Because these women, who often report feeling overlooked or talked down to, are now stepping up to the plate and want to know more about how to manage wealth intelligently.
Are they more cautious? Yes. But they are also more philanthropic, tend to vote more moderately, want to invest in families and communities and are more interested in the environment.
In other words, this change of wealth will have a profound meaningful social impact.
This is the deeper cut of feminine leadership at work. Best of all, it happens on its own accord.
Full article at this link
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