Things are looking up! Women already own 30% of private wealth

ChroniquesDuVasteMonde: Women and Finance - They say we're at a turning point. Why?

Mara Harvey: Women make more money than they used to, run their own businesses. They already own 30 percent of private wealth worldwide: $ 15 trillion. And this fortune will grow faster than that of men, in five years it will be $ 18 trillion.

An exciting target group for the banks, right?

For sure. But only in every tenth bank there is the realization that women should be treated specifically. Either you neglect them as a target group, or you think what is good for men, is also good for women.

Is not it?

When I became responsible for our very wealthy clients in Europe in 2012, I asked every client advisor: which families do we look after, who are we talking to? And we heard: We talk with this man, with his uncle, his brother, son, father ...

Nobody spoke of the women.

There is an investigation: every second woman has no financial adviser at all, and of those who have one, 80 percent are not satisfied with it.

Why is that?

They feel misunderstood and unrecognized in their priorities. We invited a dozen high-net-worth women from across Europe and asked them if they thought so too. They said it was even worse: financial jargon was a deterrent, and it would take over asking questions. One thing succinctly said, "It's my money, do not treat me like I do not understand any of it."

And what do you do differently now?

It's about changing the dialogue. Not to ask immediately during the consultation: "What is your risk profile, how do you deal with losses?" But first of all, to find out: what does the person aim for with his assets, what is important to you? What values does she have, what does she want to achieve? In the past year, we have trained more than 1500 employees. Or take our videos and events: There were almost only men to see. We try to change that.

And what do not so rich women have?

Many women think about investing: I do not dare. But they get a huge problem if they do not develop a plan in time. Mostly they do not have the chance to reach their life goals - because they earn less and often work part-time, and because they are more risk averse. We intend to reach one million women and strengthen their financial confidence.

Dr. Mara Harvey is Senior Manager at UBS, Switzerland, responsible for the UHNW (Ultra High Net Worth) business and founder of the UBS Unique Women's Initiative.

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