UBS Female Financial Advisors Take On Challenging Trends among Women in Investing
June 13 2018 - 10:18AM
Business Wire
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.
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For UBSBrianna Wagner, 239-571-0291brianna@schifinolee.com