Investing in Women Newsletter - Winter 2013
New and Noteworthy Reports
Women Give 2012
This report is the third in a series of research reports by the Women’s Philanthropy Institute at the Center on Philanthropy at Indiana University that offers deeper insights as to how gender differences affect philanthropy. The Women Give studies complement a growing body of research that affirms women's growing importance as donors in the nonprofit sector. A key takeaway: Baby Boomer and older women give 89% more to charity than men.
Grandparents Investing in Grandchildren:
Actions speak louder than words
Your clients may be among the 39% of grandparents who live more than 500 miles away from their grandchildren. This MetLife Mature Market Institute and Generations United study highlights some practical ways for grandparents to engage their grandchildren in sharing values and beliefs, celebrating family and investing in their grandchildren's financial security.
The Financial Needs and Attitudes
of Women of Color
American women of color are emerging as a dominant economic, social and political force. They are starting new businesses, acquiring sophisticated competencies through education, moving up in the work place and growing their purchasing power at unprecedented levels. This study explores their needs, behaviors, aspirations, and attitudes toward financial institutions, advisors and products.
Practice Development Idea
Friday, March 8, 2013 is International Women’s Day, when women gather on a global basis to recognize the economic, political and social achievements of women. Consider hosting a client event to help celebrate and recognize women who are impacting your community. Consider hosting a luncheon with a speaker from a local not-for-profit organization that focuses on advancing women and girls. Or find out if there is a member center of the National Council for Research on Women near you. Discuss partnering with one and have someone from the organization discuss some of their latest research on women. Or have a woman client who sits on a corporate board talk about the global landscape on women on corporate boards.
Sacha Millstone, Principal, The Millstone Evans Group
The Millstone Evans Group is a general financial planning and investment advisory practice with $300 million under management and clients in 42 states. Sacha joined the firm in 1986, and has been incorporating Sustainable Investing into her practice ever since. She specializes in working with women, clients in transition (job change, inheritance, losing a life partner, divorce, etc.), same sex couples, and young people with inherited wealth.
How do you help clients create a financial roadmap, particularly women?
I take a holistic approach to lifecycle planning. I hope to be the first person a client calls when a financial issue or question arises. I work with clients in all stages of life - from young couples with children to people in later stages of their careers planning for retirement to retirees looking to maximize their portfolios’ income streams. For those planning for retirement, I focus on maximizing retirement savings from 401(k)s to Roths, and set up a comprehensive asset allocation plan that includes all of their financial assets. Single people and same sex couples often have somewhat different considerations. I have recently begun to work more closely with some of my long time clients’ adult children, which is extremely rewarding.
The financial roadmap varies depending on the client's situation, but there are educational opportunities through all life stages. Our goal is to help our clients by anticipating their needs every step of the way.
Can you discuss your role on the Raymond James Women's Advisory Council
We strive to provide networking and educational experiences for women advisors within the firm, and promote Raymond James to women advisors outside of our firm. We believe Raymond James is a great firm for women advisors because of the strong support that the firm provides in helping build our businesses. In my own career, I've taken some rather unusual steps, and Raymond James has always given me the chance to try innovative approaches. Also Raymond James management believes that the advisor owns her book, which is a very different perspective than many firms hold. Management has responded very positively to our activities and one of management’s top goals now is to become known in the industry as the premier firm for women advisors- to increase awareness of what the firm already has in place and to continue to build upon a strong foundation. We are very proud of this.
Do you have events specially targeted towards women clients?
Yes, we sponsor events that focus on financial matters and also events that are more social in nature, but which bring me in contact with new people. For example, Kathleen McQuiggan of Pax World came to Boulder last year and conducted a fascinating event for my clients about women's representation on corporate boards. She also talked about what Pax World is doing to advocate for more representation by women on corporate boards. She explained how Pax World incorporates Environmental, Social and Governance (ESG) criteria into its investment process. Several individuals told me the presentation helped them understand how and why ESG investing makes sense for at least a portion of their portfolio.
Have you found a difference in referral rates between men and women?
Of those who are comfortable referring potential clients, I have found that women are far and away more proactive in doing so. Some of my female clients have truly been advocates, talking extensively within their networks about the services that we provide and how valuable they have found these services. Within women’s networks we are always looking for quality providers, and when we find them we tend to tell everyone we know. I deeply appreciate the support that I have received from my clients in this regard.
For additional information feel free to email me directly at: firstname.lastname@example.org
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.