Finance and Heritage: What Women Want

Private banks and wealth management firms offer women-specific programs to help them prepare for their future.

It is often forgotten, but it was not until 1965 that women were allowed to open their own bank account without the permission of their husbands. In doing so, they finally managed their own assets. This little historical reminder explains why, in a caricatural way, “the woman manages the budget and the man the long-term investments,” says Jennifer Pillet, founder of Jennifer au fĂ©minin, an internet platform offering support, from the simple patrimonial study to the implementation of the recommended solutions. “Women’s involvement in heritage management is relatively recent. This explains why ten years ago, men often came alone to get advice, or at best, as a couple, “explains Vivianne Clauss, head of the Women & Heritage program at Banque de Luxembourg. .

The creation of specific programs
With the profound changes that have shaken society, including women’s work and the explosion of divorces, women have undeniably become interested in managing their personal finances. Specialist wealth management for 20 years, Jennifer Pillet launched March 8, 2012 Heritage female. It was her career that pushed her to offer a specific offer. “Naturally, I have developed a female clientele. Women came with specific needs following a divorce or death, with the need to find additional income or set up a management system.

On the side of Banque de Luxembourg, it was in 2010 that the program began as a result of increasing client demands on wealth, savings and family issues. “But the idea came a long time ago under the leadership of our CEO, Pierre Ahlborn, who wanted to offer specific support, like other private banks in the Anglo-Saxon countries or Switzerland, for example”, says Vivianne Clauss. Again, the needs were felt during family or professional changes, like a business creation, a mourning. Organization of the inheritance, preservation of the family during a succession, protection of the interests of his children within the framework of a new union with a partner having also children … the problems are multiple.

Young women more and more concerned about their retirement
The aim of the Women & Heritage program, which also offers educational articles on a blog and conferences, is to make women aware of the consequences of a change of situation and help them to anticipate them. “We encourage them to think about their matrimonial regime, for example. Women often do not think about protecting themselves enough, “says Vivianne Clauss.

But society is evolving and work is paying off. Today, clients no longer come simply when they face urgent situations. Young women, as a couple, seek to guarantee their financial independence in the face of the vagaries of life, and also face the end of the retirement they will be difficult because of professional careers often hashed. “Ten years ago, a 30-year-old woman did not spontaneously talk about her retirement, today the thirty-year-olds come to see us. They are aware that they will not be able to support themselves without additional income, “says Jennifer Pillet. Moreover, women are not so “dropped” as they imagine. “Most of them underestimate their financial knowledge: we realize this when they fill out the MIFID questionnaire,” reports Vivianne Clauss.

Women, a different relationship to money?
If specific programs have been created for women, it’s not just a marketing move, says Jennifer Pillet: “women do not speak the same way about money, and they also maintain with him a different report “. For her part Vivianne Clauss believes that women speak more openly about their lives and dare to say “my savings are limited to that, I do not want to speculate”. Both have found that women do indeed have more risk aversion and are interested in the social responsibility of their investments, in their view. “They are more in a logic of project than choice of the type of placement and generally have a longer-term approach,” says Vivanne Clauss.

Leave a Reply

Your email address will not be published. Required fields are marked *