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Melissa Walsh, CFP®, CFA, AIF®, a Principal and Senior Wealth Advisor at Allegiant Private Advisors, offers her perspective in a male-dominated world. Does the standard financial planning textbook apply?
As a young woman starting a career in finance, I noticed how my peers seemed to be doing everything “by the book”— saving for retirement, investing aggressively, and making stepwise advancements in their careers and salaries. I figured that my own career and savings would follow the same pattern — until a female colleague pulled me into her office and revealed, I’m not saving in my 401(k) due to childcare expenses, I turned down a promotion to spend more time with my children, and my investments are conservative.” This was the moment I realized that not ALL of my colleagues were textbook examples, it was mostly my male colleagues. I realized that my female colleague wasn’t doing it wrong. The textbook was outdated and broken. Sometimes life doesn’t cooperate when it comes to following chapter by chapter. That’s why true financial planning is a process that constantly evolves. Luckily, women often adapt well and flourish in the face of change.
Today women control 51% of the personal investment wealth in the U.S.(1). 41% of women are their household’s primary earner, and another 23% contribute significantly(2) to the household’s income. So why hasn’t the financial industry adjusted to changes that have occurred in the control of wealth?
Click here to read Melissa’s full article published on SarasotaMagazine.com.
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