Do women have lower financial
IQ than men? 

While the audio quality of this episode is less than ideal, the information is valuable so we decided to publish it. Thank you for your patience with the sound.

Adrienne Penta is truly a breaking money silence revolutionary! In this episode, Kathleen and Adrienne debunk the myth that women are less financially literate than men. Using statistics and her wealth of knowledge on the topic, Adrienne shows women and their advisors how to bust this falsehood and instead work at having a collaborative, and authentic advisor-client relationship.

Take Aways:

1. Gender does not determine your financial IQ. Men and women pass financial literacy tests at the same rate; however, women are more likely to feel as if they don’t know enough about investing or managing money. The real issue is not literacy. It is a financial confidence gap that many (not all) women feel that is the problem to be solved. As Adrienne says, “We need to close the confidence gap.”
2. Advisors can’t read your mind. As a client, it is important to speak up and let your advisor know what is working and is not working in the relationship. While this may be uncomfortable at first, it is the only way a professional will know that they are missing the mark when meeting with you.
3. Collaborative meeting agendas help. One way to aid in advisor-client communication is to work on meeting agendas together. One week before the appointment, the advisor can send a tentative agenda to the client asking for feedback. The client then has an opportunity to add to the agenda or let the advisor know if there is something that feels more important to discuss. This simple step takes very little but has a big return on investment for both parties involved.

In this podcast, Adrienne mentioned a book she loves called “The Confidence Code.” As promised here is the link to that resources. Also if you would like to subscribe to the Center’s Women and Wealth Magazine, click here.

Adrienne Penta is the Executive Director of the Center for Women & Wealth (CW&W) at Brown Brothers Harriman. She is passionate about helping advisors and the women they serve engage in the creation of integrated, holistic wealth plans that help them accomplish their goals. CW&W seeks to create a dynamic and inclusive environment where women can engage in conversations about wealth, family and leadership. 

Show Notes:

• For more information about the Center for Women & Wealth, https://www.bbh.com/en-us/womenandwealth.