More women than ever are in the workforce, they are starting business at twice the rate of men, and about a third of working women earn more than their spouses. The male oriented world of financial services is taking note.
The number of high net worth women, those with three million dollars or more in investable assets, is growing at nearly double the pace of men in this group, that’s according to a recent survey by Merrill Lynch. How do they do it?
Paying attention to detail is key to Jeanette Nostra’s job. As president of G-III Apparel Group she supervises marketing, merchandizing and product development for the company, keeping close tabs on everyone from division VPs to designers. Her hands-on management style has helped her rise through the ranks at the apparel maker over the past two decades, and her compensation during that ascent ahs contributed to her assets.
Studies show most women with high net worth from Carly Fiorina to Meg Whitman to Andrea Jung, have worked for their fortune rather than inherited it.
As women have become a powerful force in business, many have caught up with men in terms of earning power and assets. In fact, 43 percent of Americans who have over a half a million dollars in assets, are women, and financial services firms are increasingly servicing this high net worth group.
Many of these women have different priorities than men when it comes to managing their money.
A recent Merrill Lynch survey of wealthy women, those with three million dollars or more in investable assets, found nearly all of them work with an advisor or private money manager. Women, are very interested in relationships, feeling comfortable with what they’re doing, getting education about it.
Merrill’s survey showed as they become more educated, wealthy women are interested in tapping into sophisticated investment strategies, like private equity or direct investments. And where wealthy women differ from most men is in their interests in socially responsible investing.