Below you will find notes from our first Venturi Women’s Conference of 2021, which was held virtually on June 10th. The second Women’s Conference is on November 4, 2021. Click here to register.
Kristen Heaney began by sharing her past experience of being unprepared to receive an inheritance of significant family wealth at age 21, which offered hope that anyone at any age can build financial competence and confidence.
Historically, men in the US have been the drivers in personal financial decision-making, but the tide is shifting with women expected to be the majority wealth holders in the US within the next decade.
Although women have varying levels of knowledge, confidence, and involvement in their financial matters, everyone has room to become more confidently engaged. Kristen invited us to reflect on what factors have gotten in the way of becoming more engaged in our financial planning and identified ways to prepare ourselves to sit with confidence in the financial driver’s seat. She introduced three aspects of planning where women can increase confidence and competence:
- Multigenerational Planning: It’s usually easy for women to confidently share ideas about how to raise happy and productive children or make an impact in the community. You might think these topics aren’t relevant to financial or estate planning but, in fact, discussion of these topics is vital to ensure that your financial plans are aligned with your goals and including your voice in these conversations is essential.
- Investments/Financial Planning: Rachael Wyatt talked about how many of the investment terms (like alpha, beta, upside & downside capture ratios, information ratios) can all seem a bit overwhelming. A very simple analogy to utilize when looking at your portfolio could be a nice dinner meal where:
- Greens/salads = your fixed income
- Meat & potatoes = your core portfolio consisting of large cap stocks
- Wine = international stocks
- Dessert = small cap stocks & private equity
- Estate Planning: Estate Planning at its core is in anticipation of two events – incapacity and death, both of which represent high-stake and emotionally demanding times for loved ones. A well- thought-out plan can help alleviate stress, rather than adding to it. Stephanie Allen distilled things down to two essential elements for you to effectively work with your estate planning professionals:
- Have a solid grasp on your full financial picture
- Step back to take an objective view of your “people,” their strengths and weaknesses, etc.