In honor of the 100th celebration of International Women’s Day, Winch Financial CEO Christina Winch, CFP®, a trailblazer in the financial planning field, offers seven key tips for women to take control of their finances. According to her, the biggest issues many women face are an unawareness of the resources available to them and a misinterpretation of safety. “All women should have at least a basic understanding of their money,” she said. “Many women who are married depend on their spouses to manage their money. They have a husband who takes care of them and that makes them feel safe. But, that’s not safe.” True safety requires understanding and that takes a little work, but the payoffs can be enormous both in monetary gain and confidence. Treat yourself to an education. Take a class, read financial literacy books, listen to podcasts. We know you’re busy, but the time you carve out for financial education will pay off in the long run. Meet with a trusted financial advisor, preferably one who will have a fiduciary relationship with you. This means your advisor will have a legal responsibility to act in your best interest. Don’t skip the meetings. They provide an invaluable opportunity for you to learn about what’s happening with your money. Ask questions. In her 37 years as an advisor, Christina has fielded all kinds of questions from clients and students. She assures everyone that the only stupid question is the one they were afraid to ask. To maximize your appointment time with your advisor, you might want to bring a list of questions to the appointment. Talk to your friends about money. It does not have to be a taboo subject. Start an investment club with your friends and combine a little socializing with some real-time education and, hopefully, portfolio growth. Who knows? You might be a natural. In any case it’s a good idea to have conversations with… | Read More »
As we celebrated International Women’s Day this week, I took some time to reflect on my own experiences as a female in the workplace. In some ways, not much has changed since I first earned my license back in 1981. The wealth management industry is still heavily male-dominated and it’s a little puzzling to me why this trend continues. I have always been a working woman, since my early days in New York when I earned college money by working as a teller at J.P. Morgan Trust Company. I believe women are well suited for careers in finance, especially in the financial planning industry. Most of the situations I counsel clients through, I’ve already experienced myself. I’ve been a working mother and a proud member of the sandwich generation. I’ve taken care of my mother, tended my marriage, and willed myself through devastating loss, when my husband died ten years ago. I’ve seen my employees, many of whom are females, juggling full lives outside the office even as they dedicate themselves to the task at hand. I admire the way they’re raising their children and dealing with issues of marriage, health and family. It’s not easy, but these challenges make us stronger both as advisors and as human beings. The key to this industry isn’t spreadsheets or software. It’s empathy and I’m so proud to say I see that every day in my office. I’d like to take this opportunity to thank the women in my life – my Russian grandmother, my feisty mother, my daughter Tanya, my lifelong friends, and the dozen wonderful women who join me in working for Winch Financial. It’s nice to have a day to celebrate international women, but it’s even nicer to recognize their value all year long.
With a CEO who has proven by her innovation and drive that girls can grow up and thrive in any industry, even those still dominated by men, we here at Winch Financial recognize the power of women every day. Still, we’re happy to set aside some time today to join the world in celebrating International Women’s Day by nibbling a little chocolate, toasting optimism and acknowledging both the struggles and triumphs of our global sisterhood. With 14 female employees at Winch Financial, ranging from just starting out to retirement, we came up with a wide variety of responses to today’s Google hashtag, #OneDayIwill. One day I will: Miss all of the things that drive me crazy: wiping dirty faces, picking up toys, reminding my kids to get their chores and homework done, what to cook for dinner…there are endless things, but I know when my kids are grown I will miss doing all of them! Find where all those lost socks and missing Tupperware container tops went! Giggle about all the little things in life that made me feel crazy, sad or mad and see the good things that came from it. I am a better and stronger person because them. Find a really good balance between work and play! Work can be rewarding on many levels, but you also have to balance that with plenty of fun activities. There is a great big world out there, and I am hoping see a whole lot of it. “Retire” but not completely. I enjoy my profession and will continue as long as I can. Travel the country and visit each of the 50 states. Rule the world. Become an internationally celebrated author…and a grandma. Finally see that all the puzzle pieces really do fit together. Learn to dance. Do mission work. Visit the Northeast coast driving from Maine to NYC. Inspire people toward greater health by teaching them the joy of… | Read More »