Women entering the workforce and garnering high-level leadership positions has changed the nature of the financial services industry. But, men and women are different. This divergence between the sexes is clearly evidenced in the gender retirement gap. A woman that graduates from the same college with the same degree as a man will have to save nearly twice as much of her salary to have the same amount of money by retirement. A couple of significant factors affecting this discrepancy is the shorter time women spend in the workforce and a general aversion to risk. Leah Bennett, chief operating officer at Westwood Trust in Houston and co-founder of the CFA Women in Investment Management initiative (WIM), has found that women also tend to think more holistically when it comes to retirement. They want a full plan for themselves and their families; they are not just seeking a money manager. Bennett helps female clients improve their financial literacy skills and understand appropriate risk taking so they are not sitting on the sidelines. This pro-education perspective helps establish trust-based relationships that blossom into long-term engagements.
See Jerilyn Klein Bier, Tapping Women Money-Makers, Financial Advisor, May 1, 2017.
