WEALTH MANAGEMENT FOR WOMEN – THE IMPORTANCE OF CHOOSING A FINANCIAL ADVISOR WHO UNDERSTANDS YOUR NEEDS AS A WOMAN
By Cassandra Ison
(Director Noble Wealth Management (Pty) LTD)
Women the world over have become more financially independent over the past fifty years, as well as more successful in business, earning higher salaries. The days when only men looked after the household budget are no longer. So now as an increasing number of women are consciously taking charge of their own financial affairs their personal wealth management requirements have changed.
Although still underrepresented in the South African workforce, over 7- million women are in formal employment and over 1 million are self-employed in the country. Women in the workplace look set to accelerate as women now outnumber men by almost 3:2 in post-secondary education, according to a Department of Women report. In addition to being increasingly financially independent, South African women are taking also more and more responsibility for the financial wellbeing of their families. According to StatsSA, 41.3% of households in South Africa are now female headed.
Women have different financial priorities, different financial responsibilities and different lifestyle requirements to their male counterparts. Today’s modern woman wants to deal with a financial advisor who acknowledges and understands these differences and, importantly can relate to their needs.
As women take steps to secure their own financial future, they look for a financial advisor who will take the time to personalise a wealth management solution for them and offer advice that is tailor-made to match their needs; someone who can relate to them and their unique circumstances, through all stages of their lives. They not only want someone who demonstrates both empathy and emotional intelligence, but who also has excellent knowledge and industry experience in financial and investment matters.
Despite the increasing role that women are playing in the South African economy, the financial services sector has been very slow to embrace this new reality and many financial firms are failing to cater for women’s financial needs. South African women have access to fewer formal saving and investment products then men and are forced to save through traditionally less efficient and less safe informal tools. Far too many South African women feel insecure about making financial decision (over 76%) and lack financial literacy despite demonstrating better budgeting and saving habits than their male counterparts, according to the Old Mutual Savings and Investment Monitor.
At Noble Wealth Management we are passionate about empowering women. As an independent wealth management firm with over 65% of woman at board and senior management level, we understand the needs of today’s modern woman. We believe that all women have the right to receive honest, quality financial advice that is centred on their specific requirements and needs.
We offer our clients a more conscious and holistic approach to personal wealth management. With industry-leading investment research and product knowledge, as a woman, you couldn’t be in better hands.
Financial knowledge is financial power. Recognising this, for Woman’s month My Treasury has secured for our female users a free, no-obligation financial assessment by Noble Wealth Director and financial advisor Cassandra Ison. All you have to do is complete the form below and Cassandra will get in touch with you to analyse your financial position and plan for your financial future.