According to McKinsey and Company, currently women in the U.S. control $10.9 trillion dollars in assets, but by 2030, American women are expected to control $30 trillion dollars in financial assets.
This potential wealth transfer approaches the annual GDP of the United States.
So who are these women turning to for financial advice and guidance? For decades wealth management advisors have been a male dominated field, with only 15% being women.
This is an interesting disparity as women vs. men approach finances differently.
Women usually look for an advisor to talk through their financial goals and help build their financial literacy on certain areas in their life. They place a high value on establishing a personal connection with their wealth advisor.
So are women of wealth currently happy with their present wealth management advisors? Does their wealth advisor understand their life goals? Is this person someone she chose, or was it her husband's decision?
These are big questions that women should be asking themselves. Do you have the right person on your team?
Divorce and Death are two major milestones that affect the transfer or separation of wealth and having someone who has your best interests in mind when providing guidance is critical.
Over the last year with COVID life has shown us that each day is unpredictable and what we thought would be the plan for our lives could change over night.
I believe that money is power. Money is also an energy that can be used for good. In this section I want to explore ways that women can increase their power through knowledge and learn about options to utilize their money as positive energy.