In India, Goddess Lakshmi is considered the ultimate Wealth Management goddess. However, globally speaking, Wealth Management (WM) is usually considered a male preserve since women are presumed to be emotional, risk-averse and being care-givers, they will not be in a position to make hard-nosed decisions about investments and new business proposals. However, this stereotype is fast breaking down since women business honchos are blazing a new trail in WM. Even if you take into account the winds of change blowing through India, you will see that in terms of social indicators, women self-help groups are showing the way to inclusive development.
Two women global leaders that readily spring to mind are that of the dynamic International Monetary Fund (IMF) MD Kristalina Georgieva and her Chief Economist, the suave and dapper Gita Gopinath.
According to Charlotte Ransom, chief executive at Netwealth, an online wealth manager, puts it succinctly saying traditional male Wealth Managers are often not attuned to female clients, whose approach and needs can be very different from men’s. However, this myth is also losing steam. This is because the amount of wealth controlled by women has increased. “We’ve seen a correlation in wealth managers’ efforts to tailor their advisory model to reflect observed differences in women’s approach to money,” says Kerry O’Rourke Perri, a partner in the private clients’ group. Even among millennials women, wealth managers are changing the eco-system by making sound yet risk-taking decisions which are bearing great results. Of course, men wealth managers don’t factor in the notion that women are far more intuitive and mindful of the decisions they take. May the tribe of women WM grow stronger with each passing day.
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