When I was in my 20s I went to a financial adviser. He told that it was a waste of his time to sit down with me and do a financial plan as I’ll get married and have kids and it won’t matter. A waste of his time - he repeated that several times. I left his office feeling shamed and not enough. I didn’t realise at the time that was his shame to carry - not mine!
Recently, I mentioned this experience to my aunt. She recounted a similar story.
I’m sure there are more women out there who have experienced the same. Anecdotal evidence gathered over a few decades, also tells me that at (most) times, women may receive different (read less than) advice than men.
A decade or so ago, a financial planner was recommended to me by a female colleague. My shame resurfaced at being “rejected” previously. After talking with her, she assured me the same wouldn’t happen again. She was right. I’ve received great service from the (male) financial adviser and his team (both and female) and are still with them today and planning the next stage of my life.
Maybe we (women) haven’t reached out because of prior rejection, a feeling that the service we will receive is subpar / not taken seriously (so why bother), or we don’t know how to show up (how to find a great advisor, what questions to ask and what to demand as an outcome).
That's disgusting to hear, but hardly surprising. You are so GOOD for having done the right thing at a young age, though. There are so many systemic barriers to women getting the right advice (and being able to accumulate enough wealth to act on it). It's hard for us to remember that even 50 years ago, women could barely get mortgages or finance without a husband. Sixty years ago, they had to give up work if they married. Unfortunately today, women are expected to work full time AND have kids AND do the housework AND get dinner on the table. This is why most women have so much less superannuation than men of the same age. It's also why we have to turn the tables on our shame. That shame belongs firmly with the stupid advisor who is probably no longer in business because he charge trailing commissions that ultimately ripped people off (and are no longer allowed). Every part of the ecosystem - women, men, advisors, super funds, governments, regulators ... all of them! - have to help us do better. As society gets older, it makes sense that we all look after our dollars and cents.
The systemic bias that keeps women from getting full, equal access is being overturned (slowly but actively) by women such as yourself. Women who are shining the light for others to follow. A path that wasn’t previously lit up for women. Thank you!
If only super was paid on “unpaid” labour! Super on paid parental leave is a great start.
When I was in my 20s I went to a financial adviser. He told that it was a waste of his time to sit down with me and do a financial plan as I’ll get married and have kids and it won’t matter. A waste of his time - he repeated that several times. I left his office feeling shamed and not enough. I didn’t realise at the time that was his shame to carry - not mine!
Recently, I mentioned this experience to my aunt. She recounted a similar story.
I’m sure there are more women out there who have experienced the same. Anecdotal evidence gathered over a few decades, also tells me that at (most) times, women may receive different (read less than) advice than men.
A decade or so ago, a financial planner was recommended to me by a female colleague. My shame resurfaced at being “rejected” previously. After talking with her, she assured me the same wouldn’t happen again. She was right. I’ve received great service from the (male) financial adviser and his team (both and female) and are still with them today and planning the next stage of my life.
Maybe we (women) haven’t reached out because of prior rejection, a feeling that the service we will receive is subpar / not taken seriously (so why bother), or we don’t know how to show up (how to find a great advisor, what questions to ask and what to demand as an outcome).
That's disgusting to hear, but hardly surprising. You are so GOOD for having done the right thing at a young age, though. There are so many systemic barriers to women getting the right advice (and being able to accumulate enough wealth to act on it). It's hard for us to remember that even 50 years ago, women could barely get mortgages or finance without a husband. Sixty years ago, they had to give up work if they married. Unfortunately today, women are expected to work full time AND have kids AND do the housework AND get dinner on the table. This is why most women have so much less superannuation than men of the same age. It's also why we have to turn the tables on our shame. That shame belongs firmly with the stupid advisor who is probably no longer in business because he charge trailing commissions that ultimately ripped people off (and are no longer allowed). Every part of the ecosystem - women, men, advisors, super funds, governments, regulators ... all of them! - have to help us do better. As society gets older, it makes sense that we all look after our dollars and cents.
Absolutely!
The systemic bias that keeps women from getting full, equal access is being overturned (slowly but actively) by women such as yourself. Women who are shining the light for others to follow. A path that wasn’t previously lit up for women. Thank you!
If only super was paid on “unpaid” labour! Super on paid parental leave is a great start.
Thank you for shining the light on this topic 💡