The importance of involving women in wealth management

March 25, 2017
The landscape of wealth is changing. Women now control the majority of personal wealth in the United States. Women comprise nearly 50% of the U.S. workforce, and in a survey of American women, 65% reported being their family’s chief financial planner while 71% called themselves the family accountant. In order to continue offering the highest level of service, wealth management firms must learn to involve women in the wealth management process, something that many firms fail to do.

“Seventy percent of women say they would change financial advisers if their spouse passed away,” says Daisy Medici, Managing Director of Governance and Education at GenSpring Family Offices. “The main reason is they don’t know their current financial adviser.” Medici says that one of her main focus areas at GenSpring is involving women with the firm. “GenSpring has been doing women’s retreats for twenty years. GenSpring has been ahead of the pack with its focus on women.”

The firm’s retreats have featured prominent speakers such as Madeleine Albright and Cokie Roberts, and include working sessions on finances, inheritance issues, and family communications and dynamics. Medici says that these retreats plays a key role in enabling GenSpring’s clients—all high net worth families—to maintain their family wealth: “Our goal is to help families not only preserve their wealth but also grow it and create next generation wealth creators along the way,” says Medici. “Ensuring the education and involvement of women in that process is a significant factor, one which is only becoming more important with time.”

Daisy Medici has been named one of “The 50 Most Influential Women in Private Wealth” by Private Asset Management magazine for the each of the last two years and is a frequent speaker on the topic of family governance. She received her MA in Communications Management from Simmons College.