I first met Andrea Turner Moffitt, a former Wall Street executive, 3 years ago when she came to talk about her business vision to get women off the sidelines to become engaged and powerful investors. Andrea’s passion around this topic was striking. She went on to found her company Wealthrive, to advance women as investors and she undertook major research at the Center for Talent Innovation, the business think tank founded by Sylvia Ann Hewlett.
Andrea co-authored a major study last year with the Center, which involved interviews with female investors in the U.S., Hong Kong, China, the UK, India, and Singapore. The research was funded in part by many of the major powerhouse investment banking firms because they know they need better insight into women as investors. The research was the first time an independent, well qualified firm looked at this issue. Previously all the reports were from one firm and focused on selling their firm products or services rather than exploring broader insights into women investors.
Having spent over 20 years on Wall Street I knew that the world of investing is largely a man’s game with the exception of a small number of women. I also was aware that most of the advice, guidance and products were created by men for men. In many cases, financial products are not transparent even to the trained eye and there is often a conflict of interest with wealth advisors who are compensated to sell their own firm’s products. The subject of women and investing is a thorny and difficult problem because anything to do with money is often a charged subject and can cut into a person’s self worth. Advisors are often not respectful of a woman’s intelligence and accomplishments in family wealth discussions.
Andrea’s important research was made even more personal and intimate in her book, Harness the Power of the Purse-Winning Women Investors, that was just published this month.
Many stories in the book describe how a potential wealth advisor deferred to a woman’s husband in meetings even though she was the wealth creator or owner. Other scenarios include wealth advisors delivering a strong sales pitch to clients when the woman wanted to voice their preferences and to be heard. They wanted their advisor to respect them and to recognize that their investments should make a return and be in line with their values.
To unlock the power of women’s financial assets worldwide, firms and managers must recognize the value-based and affective dimensions of female decision making. These traits make women serious investors and successful investors. Most women intuitively know the kind of investments they would like to make. Crafting an investment strategy consistent with a woman and her values is a winning strategy.
If you want to know the six behaviors that will help to better serve women clients, you will have to buy Turner Moffitt’s book.
Next week we will release an infographic which highlights some of the important findings from the book.
Andrea Turner Moffitt: Founder of Wealthrive and Senior Advisor to the Center for Talent Innovation. A Wall Street executive with investment banking and asset management positions at Citibank, the International Finance Corporation, Muirfield Capital Management and Robertson Stephens. MBA and MIA from Columbia University.