Investing in Women Newsletter - Fall 2012
Welcome to Investing in Women, a newsletter developed as part of Pax World's recently launched Women & Wealth Program to provide advisors like you with resources and information to more effectively cultivate lasting relationships with women as clients. Women & Wealth is one of several gender-focused initiatives at Pax World, where we believe gender equality and the empowerment of women can have a profound impact on advancing economies, businesses and investment portfolios.
As you probably know, women's economic strength and influence are growing rapidly. This represents a significant opportunity for advisors. Moreover, because women's financial and investment needs often differ from those of men, many advisors are adjusting their practices and developing unique ways to connect with women clients and prospects.
Through Investing in Women we aim to deliver timely and practical news, research and best practice examples. I hope you'll contact me at email@example.com with suggestions on what you'd like to read about in future issues.
Joe Keefe President and CEO, Pax World Funds
New and Noteworthy Reports
Women and Retirement:
Overcoming Retirement Income Challenges
Insured Retirement Institute's July 2012 report provides an overview of the retirement income challenges facing the female population and examines the roles of various types of retirement income solutions.
The "Greater" Wealth Transfer:
Capitalizing on the Intergenerational Shift in Wealth
While the "Great Transfer" from the Greatest Generation to the Baby Boomers is still taking place, a second and even larger wealth transfer from the Boomers to their heirs is starting now and will continue over the next 30 to 40 years. What should wealth managers be doing?
Sustainable Investing Resonates
with Women Advisors
An industry survey led by the Calvert Foundation found that women advisors are more interested in introducing Sustainable Investing to their clients than male advisors. The "Gateways to Impact" report includes recommendations on how advisors can use Sustainable Investing in their practices.
Practice Development Idea
Looking for a unique way to say thank you to a client? Send a subscription to World Pulse Magazine. World Pulse is an action media network powered by women from 190 countries that is providing a global voice for women. Its mission is to lift and unite women's voices to accelerate their impact on the world.
Geri Eisenman Pell CFP, MBA
Geri is a Private Wealth Advisor and President of Geri Pell & Associates, a private wealth advisory practice of Ameriprise Financial Services, Inc. A top advisor at Ameriprise, Geri was recognized in 2009, 2010, 2011 and 2012 as one of the Top 100 Women Financial Advisors in the country by Barron's Magazine. Geri believes that when executed thoughtfully and in alignment with a client's individual goals, financial planning can be a life altering experience, one that can change a client's relationship with wealth.
How do your females clients' needs differ from men's?
Women typically come to the table with less knowledge, experience and confidence in their investment abilities relative to men. As a result, they are typically looking for someone to partner with, someone from whom they can learn. Many of the women we work with are making financial decisions alone because they are single, divorced or widowed. Building trust and a relationship is the first step for me. Women tell me I make them feel safe and listened to.
Are women an important part of your practice?
Women and men are both important to my practice, but I find that women are specifically very drawn to me, and are often my greatest advocates. They are great referral sources. They seem to appreciate the fact that I have been a single mom and the major income earner inside my marriage. I believe they respect my tenacity and success. They know I will advocate for them.
What strategies have you found to be particularly successful in working with female clients?
Talking about values and priorities is key to building the client I love to throw parties and connect my female clients. Occasionally, I'll host a spa day for female clients and their friends. There are so many interesting, innovative speakers available today who are skilled at giving informative, interactive workshops in a relaxed setting. Talking about values and priorities is a key ingredient in building relationships. Our firm is growing rapidly and actively recruiting advisors with similar values.
For additional information on Geri Pell & Associates feel free to email me directly at: Camille.I.DeJesus@ampf.com
Gender Diversity Initiatives,
Pax World Management LLC
Pax World recently launched its Women & Wealth initiative to provide women and their advisors with the knowledge and tools needed to face the financial challenges unique to them, such as overcoming the wage gap, suddenly becoming single or a widow, serving a dual role as earner and caregiver, and planning for retirement. The program includes workshops, written materials and other planning tools.