Why Do They Serve Women I want to empower and help women not apologize anymore for what they don't know.” Bridget Grimes, CFP® shared her journey of recognizing the need to support women in finance after experiencing significant gender pay disparities in her previous roles. Despite her dedication and achievements, she was paid significantly less than her male counterparts and faced resistance when aspiring for leadership positions. Realizing the necessity of serving women better and compensating them fairly, she founded WealthChoice. “I serve women who share the same challenges I have faced, and it's why I do what I do,” Grimes stated. Kim Spencer, CFP®, CDFA®, echoed similar sentiments, reflecting on her transition to launching her own firm. She emphasized the importance of aligning her vision with her actions. After years of contemplation and inspiration from Equita Financial Network, Spencer established Next Step Financial in 2020. Her mission is clear: to support women in transition and educate them to become financially knowledgeable. “I help women who are going through divorce or the death of a spouse and have never touched the family finances. My mission is to educate as many women as possible so that they can manage their finances confidently,” Spencer explained. “As a girl, you get used to the male voice in the room telling you to calm down, and that says you're too loud or bossy,” shared Emily Jaffe, CFP®, CDFA®. Throughout her career, she often encountered a male-dominated environment that suppressed her ambition and confidence. After facing setbacks, she realized she wanted to serve women who need empowerment. She focuses on professional women, particularly those going through significant life changes like divorce. How Do They Serve Women?How do we help women live the life that they’re working hard for? They're making good money, but it's going to everybody besides their future.” Grimes specializes in addressing the unique financial challenges that women face through WealthChoice. The firm provides tailored financial planning services specifically for women, equipping them with the tools and knowledge to make well-informed financial decisions. The focus is on empowering women to establish their businesses and attain financial independence, a mission shared by Equita Financial Network. Spencer focuses on working with women in transition at Next Step Financial. She emphasizes the importance of bridging the knowledge gap and enabling women to become confident and capable financial decision-makers. Next Step Financial offers personalized guidance to women undergoing significant life changes, such as divorce or losing a spouse, helping them understand and manage their finances effectively. The goal is to equip these women with the necessary skills to maintain financial stability and independence. Jaffe shared that OFC Wealth Management specializes in serving educated, professional women, whether working or managing their households. Jaffe aims to empower these women by providing financial guidance and support so they can navigate their financial journeys confidently. OFC Wealth Management creates customized financial plans that address their client's needs, whether dealing with divorce, managing investments, or planning for the future. She fosters a supportive environment that helps women achieve their financial goals and pursue the life they envision without apologizing for their success or ambitions. The Power of Networking It's like a balm to my soul.” Networking emerged as a vital tool for these women, enabling them to build supportive communities and share resources. Kim Spencer emphasized the damaging effects of the survivalist instinct among women, which hinders collaboration. “It is so damaging to our souls. What I love about Equita is that we’re not competing against one another. We share resources and clients,” Spencer highlighted. The collaborative environment at Equita fosters mutual support and empowerment among members. Grimes expanded on this, explaining that Equita’s model empowers women by ensuring they control their businesses. “You build the business you want. That is all you. Nobody owns that. You own that,” Grimes asserted. This empowerment is a cornerstone of their approach, ensuring women have the autonomy and support to succeed. The participants are also involved in various organizations that further their networking and professional development. Grimes co-hosts the Women’s Knowledge Circle and participates in the CFP Board’s Women’s Initiative. Spencer is active in the Financial Planning Association (FPA) and local women’s business groups. Jaffe is the President of NAPFA’s Northeast Mid-Atlantic region and participates in Wharton Women’s Circle and Savvy Ladies. The Importance of Financial Literacy for Women We do a very poor job in our society of educating women that they can be financially knowledgeable.” Women, especially minorities, tend to have lower financial literacy than men. In 2022, the TIAA Institute reported that women answered 45% of personal finance survey questions correctly, whereas men got 55% correct on average. Low financial literacy correlates to low financial wellness, security, and independence. Jaffe discussed the importance of normalizing conversations about money in everyday settings. “Whenever I get my hair done, I make sure I talk to my hairstylist about money. Where we were raised, you don't talk about it,” she shared. She speaks to her friends about money, ensuring they are involved in the financial decisions within their households. She explains, “It's our job to normalize that kind of talking in real life.” Addressing the knowledge gap and encouraging open discussions about money can significantly impact women's financial futures, enabling them to manage their finances effectively and confidently. The panelists' commitment to this cause reflects their dedication to fostering a more inclusive and knowledgeable financial community for women. Hear What the Attendees Had to Say about the RoundtableComing Soon
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