With a note of appreciation and inspiration, we celebrate the milestone of having 300 members in the Aspen Society, our online LinkedIn group devoted to helping women gain knowledge and confidence about money. BFS Advisory Group is a female-led wealth management firm, and we created The Aspen Society to give women a community and a place to gather to have a frank discussion about money.
Why aspens? A few reasons…
- An aspen grove is the largest single organism on the planet.
- The grove has a connected root network among all the trees so that resources can be shared among the trees.
- Aspens are resilient, with the ability to survive fires, floods, and other damage, commonly recovering stronger.
- They grow best in the sunshine and often provide shelter for young animals.
- They are always beautiful, and at certain times of the year, they are downright breathtaking.
Hmmm…sounds a lot like women to me.
I speak publicly to audiences about the intersection of money and life, and I commonly find myself talking to successful female executives and business owners about their choices and expectations about money. An important side note - when I’m speaking with successful men on the same topics, the discussions are largely the same. They feel undereducated about money, they wonder if they can provide for their families and gain financial independence, and they’re worried they may fail. So why do men seem more drawn to wealth management? According to a recent BNY Mellon survey which included interviews with 100 global asset managers, 86% of the asset managers said they are targeting a male investor. 86%! With men also representing 60-70% of the wealth advisor population, it’s no wonder that the industry is naturally enticing to male clients.
By contrast, I really struggle with how the industry approaches women, which is to say that we pat them on the head. The song always sounds the same – life is hard for women financially, they make less money, they live longer, they take career breaks to care for family…and they will therefore always fail with their financial plan vs a man. Does that sound like a message that is naturally enticing to women?
Here's the thing - women are just like people. Women aren’t looking for a female version of money management - they’re looking for wealth management professionals who provide them with the knowledge and confidence to make smart financial decisions. We know that there is real demand for women to learn, network, and grow in our understanding of making, keeping and investing our money. At BFS Advisory Group, that’s what we do for all of our clients. We have been invigorated by the steady growth of the membership of The Aspen Society. And with women slated to manage $30T by 2030, we’re just getting started.
If you are female and want to learn more about money, or if you know a woman who would benefit from some frank talk about money, the link to join the Aspen Society is here.
Debra Brennan Tagg is a CERTIFIED FINANCIAL PLANNER™ Professional and the creator of the DBT360 Financial Plan, a proprietary program that helps her clients prioritize their goals, leverage their resources, and address their risks. She is the president of BFS Advisory Group and teaches the public and the financial services industry about the importance of values-based financial planning and investor education.