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Women and Wealth:

Women Advising Women

Women can be conditioned culturally and politically to be more at a disadvantage than men in the matters of wealth. The drive is to be more financially savvy and independent, and less dependent on men. Be they fathers, brothers, husbands or male family advisors.

The Western civilization purports to be more advanced in women’s rights than other cultures and civilizations. This proposition is at odds with the historical developments where women were not allowed to be in charge of and manage their own assets.

Traditional English legal concept of trust suggested that only a male could manage vast family assets and women left behind the Crusade effort were nothing more than an asset class that produced an heir.

Women lacked their own agency and the legal capacity to manage their own assets and voting rights. It may be suggested that profound changes might have been made in the last couple of years. However, this suggestion is at odds with the recent U.S. Supreme Court reversal of Wade v. Roe, which was a landmark judgment with a promise to uphold the rights of women decades earlier.

Sometimes, it is not that clear whether we are moving backwards or forwards. Perhaps, “moving in circles” is a more accurate description of recent events. The reality of the matter is that women may still be perceived as easy targets in matters of wealth where their own agency and legal capacity may be undermined.

Dedicated Financial Structures to Protect Women’s Wealth

Whether it is an old custom, marriage laws or poorly drafted prenuptial agreement, a transfer of wealth takes place at the time of marriage.

Wealthy families, especially the ones that feel the need to take adequate care of their daughters seek to protect their family wealth as well as the wealth of their heirs.

There are dedicated financial structures that can be utilised to protect women’s wealth before a marriage takes place.

Specific circumstances will dictate a specific solution.

The Heiresses: Common Issues 

One would think that society moved sufficiently forward to allow women to manage their own finances, wealth and inheritance.

This may not always be the case. More often than not key decisions will still be taken by their father or husband. Sometimes, male family advisors who are advising the father or the husband will have much more say than the woman who owns these assets.

The role of the woman, the heiress is simply reduced to the role of a signatory who authorises the father, the husband or the family office advisors to move assets on her behalf.

Sometimes, there is nothing wrong with this setup if the woman in question wants to raise her family and dedicate the most of her time to her family and enhance her social networks. 

There can also be downsides where a woman takes an active interest in managing her family’s wealth and assets and produces a conflict within the concept of the more traditional role assigned for women within the family.

Everything goes well up to a certain point, until the family wealth is run adequately and not frivolously wasted by the males in the family and their dedicated advisors.

It is only in these circumstances do the women appreciate that they would have liked to be more financially savvy, aware and independent and not entrust their wealth decisions to be made by their males in their family and their advisors.

It is more and more acknowledged in the industry that women would benefit from having experienced female advisors who act as dedicated advisors in matters of family wealth.

Self-Made Women

At the other end of the spectrum, we have the self-made women. They are financially savvy, cautious with their wealth and assets and risk aware.

Regardless of how successful you are as a woman, you may still be perceived as an easy target to be manipulated by the romantic interests and ruthless financial advisors.

Women would still benefit from dedicated financial advice from independent professional women who are able to give such advice.

Why do You Need a Female Professional Advisor in Your Matters of Wealth

It is more and more widely accepted within the financial industry that wealthy women ought to benefit from the professional women who act as professional advisors within the financial industry.

These professional women advise men and work alongside the male professional advisors. They have a lot of experience and expertise.

There are intrinsic gender qualities on how risks are going to be taken, the research of the deal and the appropriate due diligence requirements to protect the client from the third parties.

More importantly, the right family office professional working with you may protect your financial privacy from the third party and help you achieve your financial and business goals worldwide without exposing you or making you vulnerable.

There is a lot of choice. Choose wisely.

If you are specifically looking to work with a female family office professional, book a phone call with me.

 

Saule Voluckyte, M.A.E.S, LL.B, FAIA

I have been working exclusively with UHNWI in Mayfair, London since January 2008. I built specialist knowledge and expertise required to serve ultra high net worth individuals investing, operating and relocating to the UK or Switzerland.

Within the industry, I am the single adviser who is able to traverse the different areas of expertise and bring a comprehensive approach across: global structuring, UK immigration, international taxation and FOREX to develop their global wealth strategy, while they build, grow and expand their wealth worldwide.

Previous experience as one of the senior advisors for the government, made me a go-to person when delicate and uncomfortable scenarios involving heads of state need to be handled with care and preserve privacy.

Contact a family office specialist to discuss your needs.

As somebody who specializes in tax, wealth management of ultra high net worth individuals’ assets and legal requirements for high net worth families, my sole purpose is to help you protect your family’s legacy.

Should you have a specific enquiry on how to start your own family office, please book a call below.

If your specific enquiry is about how to invest, operate or relocate to the UK or Switzerland and you are looking to align your UK immigration, tax, overseas wealth concerns and benefit from favourable currency conversions…

You can always get in touch with me below.

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