Mar 08, 2017

Women's Financial Lives Are Not Defined By Their Gender

By United Capital

Right now, women are really making their mark on 2017. Recent events such as the women’s march on Washington, or the Super Bowl commercial addressing the gender pay gap have shown that this is the time to really understand what women want. There are no more excuses for ignorance. But why is all this still necessary, decades after many landmark women’s rights movements occurred?

Unfortunately in the financial services industry, there are still too many instances where women are actively or systematically given less consideration, or are misunderstood entirely. Part of what makes Financial Life Management with United Capital different, is that we’ve disrupted the status quo, making a special effort to reach out and listen. We don’t pretend to understand what women, or any of our clients, want. That’s why we conducted our own research study of real women to find out what does matter to them. This is what we found:

Women Have Power

Women’s influence over wealth and the economy has grown, and the trend of growth continues. The number of women operating as sole or primary breadwinners continues to increase, but the approach to financial management has remained the same. Advisers often unintentionally dumb down their language and don’t speak with the same tone and respect as they would to their male clients. Financial advice is given with a dose of pink, to make it more relatable. These outdated approaches show that many in the finance industry have not made enough effort to embrace the reality of who women are today.

Equality Doesn’t Mean Identical

Serving women exactly the same way as men is a step in the right direction but something is still missing the mark. It ignores the uniqueness of women’s financial lives and how they feel about saving and investing. For women, that can include raising children, taking time away from a career, and possibly outliving their partners. Our Money Mind® analyzer tool allows us to answer the most important questions about what money means to you, as well as teaching you how to use your values and feelings to your advantage. Determining how you feel about your life and money brings clarity to begin planning for the future.

Women Have Expectations for their Life

As a whole, men and women have different ideas, standards, and often other ways of processing information to make decisions. If a woman takes more time or has more questions, she’s seen as having less confidence or knowledge in financial matters. The opposite is actually true. Women have much higher expectations for their lives and want the opportunity to ensure their decisions are truly what they need to reach their goals. Financial Life Management is a process that takes into account your whole life. We encourage having open and Honest Conversations® to discover what truly matters, and build a plan to create the life you want.

Freedom Means Time

Based on the responses from our study participants, one of the most sought after elements in women’s lives is more free time. It’s typical for women to take on a significant role in raising a family, managing the home, or becoming a caretaker for someone else. Combine that with a demanding career, and it doesn’t leave much time for the things that you would like to do. One of the larger goals we have for our clients is to achieve financial freedom, whatever that may look like to them. When your current needs are taken care of, and your future is mapped out, then your time and how you spend it will be up to you.

There’s a profound need for women to become more involved in financial planning, and the industry is slowly recognizing what an essential part they are to everyone’s financial lives. Our goal is to do whatever we can to have a positive impact in the lives of women, and we’re committed to designing a financial plan that is unique to you, no matter what your age or gender.

United Capital Financial Advisers, LLC (“United Capital”) is an affiliate of Goldman Sachs & Co. LLC and subsidiary of The Goldman Sachs Group, Inc., a worldwide, full-service investment banking, broker-dealer, asset management, and financial services organization. United Capital does not provide legal, tax, or accounting advice. Clients should obtain their own independent legal, tax, or accounting advice based on their particular circumstances.

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