Change is in the winds. Women control more than 60% of personal wealth in the USA. While older generations hold a patriarchal view of wealth, only a third of their children held such views. Women family leaders, regardless of age, are challenging traditional gender roles.
The ecosystem is adapting to these changes, recognising that within the family office, there was a need to approach women differently than men. We are seeing initiatives to help women find their voices and become more active participants in their family’s wealth.
Women want to work with advisors who will empower them to make their own decisions, and the more valued advisors were the ones who proactively worked in terms of shared understanding and decision-making for both spouses.
The advantages of having women involved in decision making are well established – a diversity of opinions and perspectives leads to better decision making. In particular, when it comes to family wealth, women often focus on the big picture and the whole family’s end goal instead of just the numbers.
Consider This: Are the women in your family involved in family wealth decision making? Do your advisors actively seek to include them? Are there cultural barriers to involving women?
Further reading:
- What A Family Office Means For Ultra-Wealthy Women
- Why Women Must Be Part of Planning Meetings
- The Importance of Gender Diversity in Estate Planning
- The Power Of Diverse Perspectives: Why We Need More Women In Finance
- What role do women play in High Net Worth families, and how is it changing?
Here is more on reading on family business governance.
