When developing the idea of a female financial planning service built by women for women, it has become apparent to me having worked in the financial planning space for some 20 years, that I have met a huge number of brilliant women.
There has also been a shift in the world we live, with a much stronger sense of acceptance that women are achieving more and are a key driver to our economic future. Some of the most stimulating meetings have been with a bunch of awesome female entrepreneurs, so talented and passionate about their businesses and careers, but also being able to juggle this with being a partner/wife/mother.
Despite all of this, what worries me is that it still takes some women much courage to take that first step to move towards full financial independence! Women tend to get on and do, and not waste time or energy of things that they cannot see any value in.
This can be detrimental where their finances are concerned, tending to put others needs ahead of their own…
Those women who have taken the step to financial independence tend to fly, and, once engaged in regular reviews with their trusted financial planner, everything over time becomes reassuring familiar and maybe even enjoyable!
So how do we get women excited about Financial Planning?
Following in depth market research, I decided to try and establish what the key priorities are for women:
1. Financial Security – at crossroads in life such as – Divorce, Bereavement, Retirement, Changing jobs/careers/going in to business, Family/moving home. Also women tend to outlive men but may have had periods of working part time whilst having a young family, so have greater gaps in the financial plans.
2. Responsibility – regaining full financial independence – which is liberating when maybe in the past household finances have been left to a partner.
3. Trust – having an open and honest relationship – because it’s friendlier that way. Many women are discouraged from engaging in the financial planning process – put off by jargon, statistics and charts! Having a ‘like minded’ female to talk to, with shared values, bags of empathy and to simplify things and reassure, establishes trust which in turn has the effect of helping you meet your goals.
4. Reliable Outcomes – you prefer tangible goals e.g.: to pay for a cruise on a special birthday, treat the grandchildren in retirement, buy a holiday home, have a secure income for the luxuries in life e.g. shoes, spa days, clothes.
5. Investing Responsibly – some women may prefer to choose to have a positive impact on the world around us – as consumers we can choose to support organisations that share our values and make a positive difference to other people.
I am very proud to be heading up this new service, because as women we often have a fear of pushing ourselves forward. From a personal point of view, having gone through divorce myself, it can be the first step that’s the hardest. That’s why CL4Women exists – we are here to help you take the right steps towards achieving real financial security.
As Yoko Ono said ‘A dream you dream alone is only a dream. A dream you dream together is reality’.
We are here to help you make your dream a reality.
Head of CL4Women.