The 1992 book Men Are from Mars, Women Are from Venus asserted fundamental psychological differences between the sexes. These differences are also reflected in the approach to finance, business and succession.
Women talk and think about money very different to men. They tend to be more focused on the impact of money, and how wealth can help bring the family together. They find it easier than men to talk about money with their families. They think longer term – across generations, seek to invest wealth in a manner aligned with their personal values, and skew conservative in investing when the market sentiment is bad. Legacy often means more than passing wealth down to the next generation; it also means being capable of positively impacting the lives of others.
It is therefore no surprise that while nearly 90% of the world’s billionaires might be men, many turn to females in investment banks, investment firms, and hedge funds when it comes to managing their money.
Women are under-represented in finance and family enterprise leadership, yet we’d all likely be better off if more women took on these roles.
Three key factors strongly influenced women’s paths to leadership: early exposure to the business, communication of inclusion as a family value and strong female role models in the family. How we tell our family’s origin story is important. While Grandpa may have been brilliant entrepreneur, how did Grandma’s support contribute to his success at work?
Consider This: How are women and men treated within your family? Are they given similar opportunities? When telling your family’s story, what are the relative roles of men and women? Who are the role models in your family and how have they influenced you?
Further reading:
- When it comes to passing wealth on to kids, women have very different ideas to men
- Creating Inclusive Pathways for Next Gen Women Leaders in Family Businesses
- https://www.psychologytoday.com/us/blog/theory-practice/202210/invisible-daughters-in-family-businesses,
- Rich men like Jeff Bezos to Sergey Brin leave their wealth in the hands of women, whose investment strategies fit the bill of long-term thinking family offices
- Family Office Services For Women: What Female Executives And Business Owners Should Expect
- Building Back A Workplace With Generational Balance
Here is more on reading on family wealth transition.
