Thursday's Truth - Women and Private Banking

As many of you know (or can find out by clicking on my picture in the sidebar), I have experience in Private and Investment Banking, at both start-ups, and Majors.

Part of the reason I got involved with this industry in the first place, was to learn and apply the knowledge I gained in these organizations, to issues concerning Women of Wealth. This Blog is an outreach to this group, and came about because my research indicates that better than half of the world's wealth is controlled by women, and over 80% of household purchases are made by them, as well.

What has been lacking, in my opinion, is a true "personal, all-women oriented" alternative to Private Banking. The following article from Forbes.com brings up some good points regarding Private Banks, many of which I agree with based on my experience in the business.

The truth is, women invest differently than men. They also like to have not only personal services, but truly private ones, for no other reason that in an age where identity theft and social networks are both increasing in number, it just makes sense.

I have some recommendations for those of you who are currently seeking Private Banking Services, or any personal services for that matter. Please contact me and I'll be happy to discuss.

I now count among my extended staff a Personal Assistant/Concierge, and a Personal Trainer/Chauffeur/Bodyguard (yes, they really do all three!).

Women of Wealth have the means to make a difference in the world and establish a legacy for generations of women to come .

But they must be careful with whom they place their trust to help them get there.

Thursday's Truth - Wall Street and Gender Equality

As many of you are aware, I am always looking for ways to "bridge the gap" between women and men. I was recently nominated to receive honorary membership in an exclusive, formerly women-only group called 85 Broads.

In capital markets, we call the exploitation of price differences, or gaps "arbitrage". Although there are many successful female fund managers in the industry today, the fact is, this area of finance is still woefully under served by women. A recent study by The National Council for Research on Women is recommended reading.

According to data collected by Bloomberg, L.P. from January 2000 - May 31, 2009, on average, funds managed by women produced annual returns of 9 percent, compared with a 5.82 percent average annual return by funds run by men.

Furthermore, in 2008, during the height of the financial crisis, funds run by women were down 9.6 percent versus a a 19 percent decline in those run by men.

I am currently working with two financial services firms, both of whom are women-owned and Women's Business Enterprise (WBE) certified. One of these has over $3.1B AUM. But these women are pioneers in a still male-dominated industry, that has a long way to go to be truly "women-friendly".

As Women of Wealth, you need to be involved in making sure your money is managed by a female money manager or team. Many financial services firms give lip service to being focused on the investment needs of women. They recognize that women now control almost 48% of the world's wealth, and this number will continue to rise.

Beware of those that have set up "female facades" targeting this lucrative demographic, only to hand over responsibility for managing their assets to male fund managers behind the scenes.

Should any of you need assistance in finding these female-run funds, please drop me a note at my 85 Broads website.