Annual Women in the City Evening
On Thursday 7th of March, the eve of International Women’s Day, FLM hosted our 2nd annual Women in the City Evening which brought together a large number of our clients as well as their friends, families and colleagues. The purpose of the evening was to celebrate the achievements of women in the city, talk about the financial elephant in the room, foster new connections and inspire those coming up through the ranks.
We hosted the evening with great, albeit rainy and windswept, views of the London skyline from the Savage Gardens Private Bar. Our guests were lucky to hear from two great speakers, Claire Blackwell, Marketing Director at St. James’s Place Wealth Management, and Jo Elvin, Editor of You Magazine.
We kicked things off with an introduction from Caitlin Lambert and Charlotte Whiteley, two of our advisers, who spoke about how women are achieving more in business, education, and other fields, but that it is not translating into accumulated wealth. Research shows that women are more reluctant to spend money on consultants and advisers than men***. Reasons for this include not having the money to spend, not wanting to spend the money, not knowing whom to trust, and not knowing the questions to ask of an adviser. They're all legitimate concerns but it's important to understand that financial advice can take many different shapes and forms and should cater to the needs of the individual.
For most women, making their financial wellbeing a priority means several things; making time to learn about finances, taking time to invest and taking time to track their portfolio. When it's not something that is of particular interest or something you feel proficient at, it becomes even easier to avoid it altogether. This neglect, which can often seem minor, compounds along the way and can make a huge difference in either achieving your financial goals or missing them.
This is why FLM exists. We recognise that our clients are all busy with the burdens of day to day life; whether that is running a home, looking after a family or climbing up the career ladder. Helping our clients is what we are passionate about. Coming from a male-dominated industry, we recognise the importance of empowering women as the workforce continues to diversify, particularly when it comes to their finances.
At this point Claire Blackwell joined our advisers for a panel Q+A with Caitlin and Charlotte, who quizzed her on the different behaviours between men and women when it comes to finances. Some of the key points were:
The gender pay gap is 17.9%. It is narrowing but not fast enough. This issue is compounded by the fact that there is a significantly larger percentage of women working in part time jobs compared with men – 42% to 13% for men. This is often down to child care and/or care of an older family member. Add to this the motherhood penalty of taking time out of work, it results in women in their 40’s earning 13% less than men and in their 50’s are earning 16% less!**
Then there is the gender pensions gap. Women hold 1/5th of the pension wealth of men*. To add insult to injury – women will statistically live longer than men and be on their own for more of that time than men (no one to share costs with) - hence a larger pension to exist on is required! A large reason for this is because of the investing behaviours of women in comparison to men. Men are much more likely to take advice and act on it, however women tend to be more risk averse and hold cash, which is presently not growing at any noteworthy rate.
They also spoke about how Claire is bringing a diverse approach to the Marketing team of St. James’s Place Wealth Management and how such a prominent company can influence the education and consumption of financial advice in the UK. What was particularly interesting about Claire’s discussion was her own experiences of reaching seniority in her industry and the impact her career choices have had on her family. She spoke about her decision-making process for this, which was cognisant of the impact such a decision would have on the various aspects of her life, and hopefully gave a number of our audience a blueprint for making similar decisions.
Following Claire’s Q+A we were regaled by Jo Elvin who spoke about her career in the print/fashion industry and how a “Westie” from Sydney came to be commenting on Meghan Markle’s dress for the Royal Wedding.
Jo Elvin rose to acclaim as the launching editor for Glamour, where in less than four years the magazine became the biggest-selling monthly title in Europe with circulation of over 620,000 copies. Glamour’s launch was a generation defining publication, creating a new format and voice within the print media industry. Jo inspired further Glamour launches around the world and stepped down as Editor-in-Chief after a 17-year tenure.
Despite this huge success, Jo identified how every journey is not straightforward and overcoming obstacles is not exclusive to any career or individual. Journalism has transformed in light of the digital age and therefore has had to adapt in order to survive. The decision for Glamour to focus on its digital content and in particular beauty content, led Jo to becoming the new Editor of You Magazine in 2018, which accompanies the Mail on Sunday.
Jo very kindly mentioned our evening in her recent column linked below for anyone who is interested.
All in all, it was a great evening and we can’t wait to do it again next year!
*https://www.telegraph.co.uk/financial-services/investments/pension-advice/women-and-pensions/ **https://www.starlingbank.com/blog/knock-on-effect-gender-pay-gap/ Commented ***https://www.saga.co.uk/magazine/money/savings/investing/are-women-more-intimidated-by-investing