Women Beyond Wealth
/In July, I had the opportunity to attend the Family Wealth Alliance’s (FWA) Women’s Summit held in Boston—an event dedicated to "Elevating Women in Family Wealth”. The atmosphere was charged with energy and enthusiasm as women from the Multi Family Office industry gathered to collaborate, exchange ideas, and celebrate the achievements of women advisors.
Wealth management and finance have been male-dominated professions. Just a few decades ago, women investors were often overlooked by financial advisors, seen as less financially confident and more risk averse. Consequently, many women found themselves underinvested and under-planned, with negative financial consequences compounding over time. During the summit, we engaged in meaningful discussions, including an exploration of the psychology of money. It's worth noting that 44% of Ultra High Net Worth (UHNW) clients are women, and women are increasingly taking on roles as successors and inheritors. However, within the financial landscape, a staggering 50% of these women feel misunderstood by the industry—a concerning disconnect.
Continuing the discussion of women and wealth, another surprising statistic emerged: 61% of women would rather discuss the details of their own mortality than money. Whether due to a lack of money confidence, knowledge, or simply discomfort discussing finances, breaking down these barriers is crucial to ensuring women have a seat at the table and a prominent voice. Data reinforces the challenges women continue to face, with women's median weekly earnings in 2020 reaching only 82% of men's earnings. Furthermore, gender equality in the workplace is not projected to be achieved until 2133—highlighting the importance of addressing these issues.
The summit's inaugural speakers explored "A Look at Working Women in 2023," shedding light on the universal discrimination women face across various aspects of life. According to a recent McKinsey study shared, the promotion of women directors is accompanied by a disconcerting trend: for each woman director promoted, two other women directors are opting to leave their positions. Attrition is attributed to 3 primary factors: microaggressions, a challenge advancing careers due to biases and workload burnout, and workplace flexibility (or lack thereof).
We at Clearwater remain steadfast in our mission to ensure that women, regardless of their age, marital status, or background, have access to essential financial resources. Our commitment begins with our focus on providing our female clients with the attention, customization, and collaboration they need to achieve their financial goals. Further, through the Clearwater Capital Foundation, we support organizations like Fellowship Housing, which empowers single mothers to build a new legacy. Our Foundation also established the Endowed Scholarship Fund at Harper College designed to empower female students enrolled at Harper College to pursue a quality education without any barriers. Additionally, we have actively participated in the Harper College mentorship pilot program, offering guidance and support to young women as they navigate their educational and career journeys. Our commitment and support continue into our Clearwater Capital Partners team serving our visionary entrepreneurial clients, including women, navigating the complexities of liquidity events, philanthropy, estate planning, family governance, legacy planning, and more.
The journey toward gender equality in wealth, health, education, and professional opportunities is ongoing. Clearwater Capital Partners has made it a priority to foster environments that are not only equitable but transformative. An example of this commitment is our Sponsorship of the upcoming Entrusted event, an experiential evening tailored for women designed to provide connections, inspiration, resources, and encouragement. Empowering women across all spectrums of life, transcending financial realms, is a cause that we are proud to embrace—a cause we are committed to championing and advancing.