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Women's Initiative
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Engaging Women’s Wealth through Inclusive Family Meetings By Cassandra Smalley
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Cassandra Smalley's article "Engaging Women’s Wealth through Inclusive Family Meetings" highlights the importance of involving women in financial decisions, especially given their substantial influence over consumer spending. Despite women controlling over 85% of consumer decisions, they often sideline financial management to men, a trend that Smalley seeks to change. Women face unique financial challenges such as longer lifespans, career breaks, and gender pay gaps, making it crucial for them to take charge of their financial futures.

Smalley notes that women’s disengagement in financial planning can stem from a lack of representation among financial planners, unsettling financial journalism, sales-driven advisor interactions, and ingrained societal messages about money. To counteract this, she emphasizes family meetings as a tool to encourage women’s active participation in financial matters. These meetings focus on broader family values and goals rather than just financial data, building trust and preparing for life changes.

Family meetings can clarify financial goals, align values, plan for emergencies, educate younger family members, and resolve conflicts. Advisors play a crucial role in facilitating these discussions, helping families navigate difficult conversations, and ensuring participants feel valued and heard. By encouraging open communication and focusing on what legacy means to the family, women can feel more empowered to participate in financial decisions.

The article underscores the need for inclusive strategies that invite women to engage with their finances without fear or discomfort, transforming them from passive delegators to active participants in shaping their financial legacies. Through these methods, women can confidently navigate their financial futures in a supportive environment. [Read More]
Wealth is Women’s Work: An Overdue Book By Jenny Martella
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Peggy Ruhlin's book, "Wealth is Women’s Work: How Women Can Make a Long-Term Impact with a Career in Wealth Management," addresses a significant gap in the financial advisory field: despite controlling the majority of American household wealth, women comprise only 15-20% of financial advisors. Ruhlin advocates for more women in wealth management by highlighting their unique skills, such as empathy and listening abilities, which are invaluable in client relations.

Drawing from her experience as the former CEO of CI Budros Ruhlin Roe and her involvement with NAPFA, Ruhlin argues that women excel in this profession not through mathematical prowess but through the ability to emotionally connect and build trust. She emphasizes that the work is not just with wealthy individuals but helping everyday people achieve their life ambitions—a space where many women naturally thrive.

The book critiques the current state of the field, where female clients often struggle to find female advisors and end up feeling unseen, or like the "invisible woman," especially in meetings where they are accompanied by men. Ruhlin notes that women need advisors who can understand their unique concerns, whether it is managing shame about financial ignorance or dealing with personal losses like the death of a spouse.

Despite efforts to attract women through mentorship, the field has made little progress, as women still represent only 23% of Certified Financial Planner professionals—a number stagnant for years. Ruhlin's book dispels myths deterring women from the profession, such as the misconceptions that the job is boring or only for working with wealthy clients, making it a valuable resource for those considering a career in financial services.

"Wealth is Women’s Work" is published by Advantage Books and is available in both print and digital formats. Jenny Martella, a principal at Modera Wealth Management, endorses this timely work for its insights and its potential to inspire more women to enter the field. [Read More]
The Women’s Initiative in NAPFA’s History By Susan Weiner
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The Women's Initiative within NAPFA (National Association of Personal Financial Advisors) aims to attract, support, educate, and develop women leaders in the financial advisory industry. Founded by Peggy Cabaniss in 2006, the initiative seeks to address the low representation of women in the profession, which hovered around 23% at the time, by offering workshops, networking, mentorship, and advocacy.

Cabaniss, a pivotal figure in the initiative's creation, was motivated by her longstanding interest in women's issues, tracing back to the '70s with the passage of Title IX. She returned to lead the initiative after retiring in 2014, following Cheryl Costa's tenure as chair. Costa, who faced gender disparity in her early career in engineering and technical roles, found the initiative a supportive and empowering space for women navigating similar challenges in the financial sector.

The initiative has made strides by creating spaces where women can openly discuss their professional experiences. Events initially exclusive to women eventually included men, fostering inclusive discussions. Panels have featured women at various career stages, leading to mentor-mentee relationships and lifelong friendships.

The Women’s Initiative has evolved over the years, introducing scholarships and other resources, continually supported by NAPFA. Cabaniss and Costa emphasize ongoing efforts to enhance women's representation in financial advisory roles, advocating for financial independence and security, and recognizing women's unique contributions in this field. They envision a future where NAPFA continues to support diverse, inclusive communities, underlining the importance of self-formed MIX groups that encourage collaboration and professional growth within the organization. [Read More]
Women Are More than Their Gender By Kathleen Burns Kingsbury
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The article "Women Are More than Their Gender" by Kathleen Burns Kingsbury addresses the need for financial advisors to see female clients beyond their gender and race, emphasizing the importance of understanding their intersectionality. Intersectionality, a term coined by Kimberlé Crenshaw, refers to the interplay of various factors like race, gender, class, and others in shaping experiences and perspectives. Women, comprising over half the U.S. population, often experience being placed into simplistic categories by advisors, which fails to capture their comprehensive worldviews and financial needs. To foster a more inclusive advisory practice, Kingsbury suggests three key strategies: 1. Develop Nuanced Marketing Personas: Advisors should move beyond basic demographics and consider the diverse backgrounds that influence a woman's relationship with money, crafting detailed personas that encapsulate her socio-economic, cultural, and personal circumstances. 2. Integrate Probing Questions in the Discovery Process: Advisors should establish a discovery process that probes deeper into a woman's life experiences, beliefs, and values related to money. Asking insightful questions helps build trust and allows advisors to align financial strategies with the client’s personal and financial goals effectively. 3. Invest in Training on the Human Side of Finance: Advisors should pursue education in emotionally intelligent communication and diversity, equity, and inclusion. Understanding and appreciating the multifaceted aspects of a client's life lead to meaningful connections and collaborative financial planning. Connie, a Black woman mentioned in the article, highlights her positive experience with an advisor who took the time to understand her unique personal history with money, showcasing the importance of personalized client-advisor relationships. Kingsbury, the founder of KBK Wealth Connection, works to facilitate better financial advisory relationships through training and consulting, emphasizing the human and emotional aspects of finance. [Read More]
Women Wise: The Essential Guide to Financial and Lifestyle Decisions as We Age by Eleanor Blayney, CFP® and Marjorie Fox, CFP® by Lazetta Rainey Braxton
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"Women Wise: The Essential Guide to Financial and Lifestyle Decisions as We Age" by Eleanor Blayney and Marjorie Fox serves as a vital resource for women navigating retirement and aging. Written by two seasoned financial planners, the book offers insights into essential financial areas for aging single women, including budgeting, Social Security, Medicare, investments, long-term care, and legacy planning. It addresses aging transitions, community building, elder abuse prevention, and housing strategies.

The authors draw upon personal experiences, showcasing their unique perspectives as they themselves approach retirement. This dual role as both experts and participants in the aging process makes the book relatable and engaging. They encourage readers to embrace aging with wisdom and continue taking charge of their lives despite challenges.

The book effectively combines practical advice with personal anecdotes, offering a comprehensive guide for women planning for retirement alone. However, some readers may find the financial aspects complex without professional help. Additionally, the specific focus on a third-party firm's approach to retirement income could hinder understanding of certain concepts.

Reviewer Lazetta Rainey Braxton, a financial planner, highlights the book's ability to evoke a realistic and personal exploration of retirement life challenges, especially for single women. By prompting questions about future dependency on investments and familial support, the book inspires reflection and intentional planning.

Ultimately, "Women Wise" functions as both an informative guide and a compassionate companion, reassuring women that although they may journey through aging alone, they don't have to face it without guidance and companionship. Available in both print and e-book formats, it provides a blend of professional advice and personal warmth essential for successful retirement planning. [Read More]
What all Women Should know about Being Financially Prepared by Nicole Brown-Griffin
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"Single Women and Money: How to Live Well on Your Income" by Margaret Price and Jill Gianola is a vital resource for all women, regardless of marital status, emphasizing the importance of being financially prepared for life's uncertainties, such as divorce or widowhood. The book is recommended for financial planners and women at various life stages, offering a comprehensive guide on managing finances, saving, investing, and protecting personal wealth.

The book features compelling real-life stories of women overcoming financial difficulties, providing hope and inspiration to readers. It explores historical and ongoing financial challenges women face, including the gender wage gap and the undervaluation of women in the workforce. The authors propose solutions, such as enhanced financial education, confidence-building, and encouraging career exploration with promising financial prospects.

Jill Gianola, a NAPFA member, and Margaret Price provide detailed resources and guidance for women employees and business owners, including a chapter on valuable resources and programs. The book concludes with a chapter on societal changes needed to address issues women did not create, advocating for fair legislation and workplace reforms like transparent salary policies and the prohibition of using salary history in wage determination.

The authors express disappointment over the legislative stall of the Paycheck Fairness Act in 2021 and emphasize the need for better family care solutions, urging for accessible, affordable childcare and improved conditions for childcare workers.

Published by Rowman & Littlefield, the book is available in print and as an e-book at a list price of $32. Nicole Brown-Griffin, founder and principal of Late Bloom Advising and Late Bloom Divorce, endorses the book, underscoring its value for financial advisors and their clients. [Read More]
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Course recording
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In a recent discussion, Jennifer Saki, founder and CEO of Caregiving Corner, spoke about the company's 20-year journey in providing care management and counseling services to families of older adults. Motivated by her mother's challenging experiences as a caregiver, Jennifer aimed to simplify the complexities of elder caregiving. She emphasized the importance of having a certified care manager, a professional designation that ensures adherence to rigorous standards and continuous education.

Jennifer and Chanel Glover, a care manager at Caregiving Corner, discussed the significance of creating a caregiving plan, akin to financial or estate planning, to help families anticipate care needs and alleviate stress. They stressed that early planning helps communicate an individual's wishes before they potentially lose the ability to make decisions due to cognitive decline.

The panel addressed the emotional toll caregiving can have on families, particularly the rapid decline seen in spousal caregivers. They advocated for early discussions about aging preferences and utilizing care managers to guide and support. Additionally, the panel highlighted the benefits of socialization and support communities, such as continuing care retirement communities, and advised financial advisors on how to integrate care management discussions into their client interactions. [Read More]
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NAPFA Nation Episode #24: Empowering Women, Community, and the Fiduciary Standard with Bridget Venus Grimes
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In this episode of Napa Nation, host Marie Swepp interviews Bridget Venus Grimes, a certified financial planner and founder of WealthChoice, a firm dedicated to empowering women to achieve financial independence. Bridget discusses her journey in establishing her practice to serve women professionals, emphasizing the importance of prioritizing their financial well-being. She shares how delegating tasks helped her manage capacity as her firm grew to serve 65 households with $100 million in assets. Bridget co-founded Equita Financial Network to support women-led financial planning firms, offering cost-effective resource sharing. She highlights the value of community among financial planners and the significance of the fiduciary standard. Through her role with CFP Board and other organizations, Bridget advocates for financial education and supports women in the financial industry. Her dedication to helping professional women achieve financial security is evident throughout her conversation with Marie Swepp. [Read More]
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