In UBS’s first Florida Gulf Coast Women’s Leadership Retreat held in
Sarasota, female financial advisors and wealth management professionals
learned firsthand of the challenges their industry faces in advising
women in investment and long-term financial matters.
Head of Women Strategic Client Segment for UBS Carey Shuffman spoke in
detail on women and wealth, and how female clients are indeed reshaping
the industry. However, this opportunity does not come without its
challenges. While the women’s movement is strong on political and
business fronts, UBS has uncovered daunting statistics on women and
their relationship with money. According to a proprietary report
recently commissioned and published by UBS titled “Own
Your Worth”, women are abdicating their role in financial decisions
because they dramatically underestimate their own capabilities while
overestimating what is required to be financially involved.
According to the report, 56 percent of women in couples still willingly
leave investing and long-term financial decisions to their spouses, and
more than 80 percent of women and men think that’s okay. Furthermore, 59
percent of divorcees and widows regret not being more involved in
long-term financial decisions, and 98 percent of divorcees and widows
would advise other women to take an active role in their finances now.
According to Shuffman, these beliefs among women should not be
surprising. “Until 1981, state laws gave husbands unilateral control of
jointly owned property,” she said.
Alarmingly, the UBS study also reports that 61 percent of millennial
women (a 5 percent increase over their more mature counterparts) are
more likely to leave major financial decisions to their spouse. However
there is hope, which brought the discussion back full circle to the real
purpose of the Women’s Leadership Retreat: empowering women to take an
active role in their own advisory business and in investment and
long-term financial decisions in general.
The UBS report outlines three actions: first, women should calculate
their net worth and outline their needs for the short-term, life-time
and their legacy. Second, women should find their voice and honestly
discuss finances with their spouse. Third, women should set an example
for the next generation.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180613005613/en/
For UBSBrianna Wagner, firstname.lastname@example.org