The WealthiHer Report 2019 - Understanding the Diversity of Women's Wealth - For the benefit of everyone - Kleinwort Hambros
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The WealthiHer Report 2019
Understanding the Diversity
of Women’s Wealth
For the benefit of everyone
CONTENTS
02/03 Foreword
04/05 Executive Summary
06/14 The Study:
What we found
Women and Men -
The Crucial Difference
The Meaning of Wealth
Redefining Risk
For The Benefit of
Everyone
Confidence is Key
What Women Want
15/19 Seven Types of Wealthy
Women
20/28 Women’s Stories
29/41 Founding Partners
42/42 Conclusion
FOREWORD BY CO-FOUNDER TAMARA GILLAN The WealthiHer Network is an essential force for change, championing the transformation of the industry’s approach to women; understanding their diversity of needs, celebrating their success and empowering women to grow and protect their wealth in new ways.
THE PARTNERS
My experience as a female women and listened to many
entrepreneur has led me to inspiring stories. We have
believe that women’s attitudes been overwhelmed by the
and the drivers for their wealth response from women who
are different to men. Women’s have given up their valuable
wealth and income are growing time to share their experiences.
faster than ever. According to They come from a variety of
the Centre for Economics and backgrounds and their wealth
Business Research, by 2025 60% has been built in a number of
of Britain’s wealth will be in the ways, be that corporate careers,
hands of women. Yet women entrepreneurship, marriage or
feel less understood and inheritance.
unwelcomed by the industry.
Our research points us towards
Change is needed. To have crucial differences between men
impact it needs to be a and women. Women believe
collaborative effort driven from that financial performance is
within and across the industry. important, but personal goals
Tamara Gillan and
Together with the wonderful are paramount. For women,
Lauren von Stackelberg Lauren von Stackelberg, who wealth is not an end in itself
Co-Founders
The WealthiHer Network
has been an agent for increased but a means to an end. Wealth
diversity in the financial sector means creating opportunities,
for over a decade, we set out independence, and providing
to deliver change - to make the for those we care about.
"WealthiHer is the network and financial sector fit for the future. Irrespective of socioeconomic
movement Finance always class, there is an overwhelming
To form The WealthiHer Network desire by women for wealth
needed. We have a great we brought together the UK’s
opportunity to have a real, open to provide meaning. Some
leading financial institutions 67% said making a positive
dialogue about wealth - it's including: Barclays Private Bank,
purpose, goals, stresses - and impact was of high importance.
Brewin Dolphin, Brown Advisory, As women, we believe in a
to make the topic less taboo. In C5 Capital, Chubb, Close
the future, this group's efforts better life for others as well as
Brothers Asset Management, ourselves.
will make financial health a topic HSBC Private Banking, Investec
discussed equally by women Private Bank, J.P. Morgan, Julius The WealthiHer Network aims
and men. With $72 trillion in Baer and Kleinwort Hambros. to change the financial industry
female control today, it's about for women, because a better
time! I am honoured to co- By working together, we can finance industry for women is
found the initiative alongside more purposefully access a better finance industry for
Cherry London and eagerly insight and ensure change. We everyone.
await all this group will achieve salute our Founding Partners for
in empowering female clients their conviction and bravery in
and changing the perception of committing to work differently
the industry." and for getting behind a
combined purpose.
Lauren von Stackelberg,
Co-Founder, The WealthiHer Network Report
The WealthiHer Network 2019: Understanding the
Diversity of Women’s Wealth,
represents a key step in our
work.
Tamara Gillan,
We have surveyed thousands Co-Founder,
of women and men on their The WealthiHer Network,
attitudes, carried out in- CEO and Founder,
depth interviews with more Cherry London
than 100 high-net-worth
Contact:
hello@wealthihernetwork.com
3
THE WEALTHiHER REPORT 2019
EXECUTIVE
SUMMARY
Banks and financial institutions to take financial risks, a small dive survey, 70% claimed their
have done a huge amount over sample study found women self-esteem is average or below
the past few decades to change willing to invest in high risk average. This number increased
an industry that was entirely companies such as early stage further for divorcees.
dominated by, and aimed at, businesses as long as they had
men for centuries. They are to as much information as they 36% spoke about a lack of
be congratulated for what they wanted. knowledge or too much
have achieved, however, this complexity as the reason they
report shows that they still have Women overwhelmingly (59%) do not engage with the finance
a long way to go. believe the role of wealth is industry.
to provide for family, security
Over a third of women said and comfort. For nearly a
they had been patronised when quarter of women (23%) their
dealing with the industry while wealth is about freedom and
almost a third felt it used too independence.
much jargon.
65% of women stated that
Three quarters of women ethical investments are of high
questioned said they believed priority which jumps to 83% for
there to be fundamental women who have inherited their
differences in the way men and wealth.
women invest and their attitudes
to risk. Confidence remains a barrier to
women engaging more actively
While 71% of women surveyed with the finance industry. Of all
believed men to be more willing respondents from the deep-
This report set out to achieve two objectives:
INTRODUCTION 1) To understand what wealth means to women
2) To find out if women’s attitude to wealth changes
as they become more financially secure
4
EXECUTIVE SUMMARY
Our research consisted of three key components:
1. Working with Kantar, a 2. We conducted a survey 3. 1-2-1 interviews and
world leading market with more than 100 focus group sessions
research consultancy, high-net-worth women. were held with
we surveyed more than The scale and source of financially successful
2,500 people about their wealth was taken women, to understand
their attitudes to wealth, into account - be that the different
identifying trends around through corporate and approaches to their
how women’s attitudes to career endeavours, wealth.
wealth differed to men's. entrepreneurship,
Attitudes to risk and marriage or inheritance.
confidence were flagged
as the key differentiators
between men and women.
The profile of respondents to our online survey and interviews represent a diverse mix of women.
71% are based in London and the South, with an even distribution across other regions. 63%
are currently married with the remainder being single, divorced or widowed. In terms of scale of
wealth, nearly half (48%) are in the £1-5 million wealth bracket, with 14% between £5-10 million
and 10% have above £10 million. 63% have made their wealth while 12% inherited it, and the
remainder accessed their wealth through marriage.
The research was carried out in the UK from • Confidence is key - Lack of it remains a
February 1st to April 30th, 2019. barrier to women engaging more actively
with the finance industry.
The findings of the report show:
• Knowledge is vital - Women at all levels
• Redefining risk - Women believe men take of success want to be guided and feel
more risks with their investment attitudes comfortable to ask seemingly simple
and styles. questions.
• Family security is crucial - For women,
wealth is about providing for family, We were also able to identify some significant
security and comfort: “To support my current barriers preventing women from
extended family and give my children a engaging more with the industry, namely a
great start in life”. lack of understanding and education - often
due to a fear or anxiety of not wanting to
• For the benefit of everyone - Women want appear unknowledgeable, particularly given
more than a transactional relationship. their outward facing success.
They want a meaningful relationship that
ultimately creates better opportunities Finally, we found several key opportunities for
for people and society at large and are the finance industry – opportunities such as
passionate about investing in causes they placing more attention on impact investment
care about. as desired by many women.
• Source of wealth creates a Ultimately, this report is a celebration of
difference - Women who have women and their success. It champions their
accumulated their wealth through unique skills, expertise and attitudes. By
marriage have (unsurprisingly) an championing these attributes as an industry
emphasis on family and security vs and altering current practices, we can help
less wealthy women who place a women on their individual journeys.
disproportionate focus on independence
and freedom. This suggests a continued
determination driving them on.
5
THE WEALTHiHER REPORT 2019
The Study:
What we found
WOMEN
At a macro level, there are many nuanced differences
between men and women that the report draws out. For
example, 72.5% of women believe they have different
AND MEN -
attitudes and needs when compared to men. Women
perceive men as taking more risks, however deeper
insight shows that wealthy women consider themselves
THE CRUCIAL to be risk aware vs risk averse. When it comes to
spending their money, women are more focused on
DIFFERENCE:
creating better opportunities for family and society at
large.
Women more focused
on social impact
Men more focused
on biggest return
Women more
family focused
72.5%
of women believe
men and women have
different investment
attitudes and styles
Men take more risks
6
THE
Money for money’s sake does not resonate with women,
with only 5% viewing wealth as a defining marker of
success. For women (59%), the resounding role of wealth
MEANING (nearly triple that of any other benefit) is being able to
provide for family, offering security and comfort. For
nearly a quarter of women (23%), their wealth symbolises
OF WEALTH their freedom and independence and in turn enabling
them to live life to the fullest.
For the majority, it meant being able to provide for their
family and gave them a sense of security and comfort.
Wealth is a symbol of their success
Wealth is being able to invest in social
impact and a better world
Wealth is freedom and The
independence Meaning
of Wealth
Wealth is being able to provide for
family and about security and comfort
KEEPING IT REAL FAMILY FOCUS INDEPENDENT
SPIRIT
“I have created two businesses “To support my extended family
and there have been moments and give my children a great
when I've thought to myself, 'My start in life." “Wealth means independence,
goodness, there’s £25 million security and choices. Travel,
in my bank account, what am I “Three things: Travelling when helping, supporting my family,
going to do with that?' A man and where I want in comfort, giving to charity.”
will have ordered his Aston giving generously to charities,
Martin, he would have had the schools and special individuals “Wealth to me means the
boat ordered and bought his in my life and gifting my freedom to live the life I want to
place in Ibiza... That is where children as much of my wealth live.”
I think women are different, as possible during my lifetime
because that wouldn’t even without compromising a
occur to me.” comfortable lifestyle.”
7
THE WEALTHiHER REPORT 2019
BOTH SOURCES AND SCALE OF WEALTH CREATE DIFFERENCES
There are differences around the meaning of wealth dependent on both the source and scale of
wealth. For instance, those who have accumulated their wealth through marriage have more of
an emphasis on family and security. While in terms of scale of wealth, less wealthy women place a
disproportionate focus on independence and freedom.
DOES THE SOURCE OF WEALTH EFFECT WHY MONEY IS IMPORTANT?
Security/comfort/providing for family
Freedom/independence
Investing in others/charities/
improving the world
Made
Symbol of success/hard work Inherited
Married
%
DOES THE SCALE OF WEALTH EFFECT WHY MONEY IS IMPORTANT?
Security/comfort/
providing for family
Freedom/independence
Investing in others/charities/
improving the world
Symbol of success/hard work 5 million
%
8PAGE TITLE HERE
REDEFINING
Our proprietary research revealed that 71% of women
perceived men to be more willing to take risks. However,
focus group sessions and deep-dive 1-2-1 interviews
RISK:
revealed women were more balanced and risk aware,
rather than risk averse. They are prepared to make
ambitious investment decisions, but require more
information.
71%
Naturally, there are differences between women and men
and their approach to risk; entrepreneurs, in particular,
claimed that they had a high propensity for risk. For this
reason, women often felt unsatisfied when only offered
of women perceived opportunities that preserved their wealth. We also found
men to be more willing that women’s risk profile was likely to shift, depending on
to take risks where they were in their life stage and their family role.
MEN PERCEIVED AS RISK TAKERS:
“My gut feeling would be that men are likely to be driven by winning and aiming for the highest return, which
means higher risk. Men are bigger risk takers.”
FAMILY CREATES WOMEN ARE WOMEN
A DIFFERENCE: RISK AWARE: WANT OPTIONS:
“I think that it is not about
“Provide us with good and
questioning whether we take
alternative investment
more risks, but we should be
opportunities instead of always
looking at whether we take
“When I had a child, I saw my assuming that we just want to
measured risks. We should look
own propensity for risk drop by preserve our wealth.”
at women as being risk aware,
nearly 30%. Quite simply, there
as opposed to risk averse.”
was more to play for but also “Women are not the same. We
more to lose.” need a spectrum of products
“It depends what you think of
that cater to women who are
as risky. I am willing to invest in
a) risk takers and b) more
early stage businesses. That’s
entrepreneurial.”
not risk averse.”
9THE WEALTHiHER REPORT 2019
FOR THE
Women want more than a transactional relationship with
their wealth; they want a meaningful one. Women see
wealth as something that creates better opportunities for
BENEFIT OF
people and society. Consequently, they want to invest
in causes they care about. Over two thirds (67.4%) said
making a social impact was of high importance when
EVERYONE: investing. It is essential going forward that the industry
provides them with the opportunities to do so.
A desire to create a better world also extends beyond
impact investment to impact engagement, to include
philanthropy which is an area our research reveals is
67.4%
often led by women who have a desire for their wealth to
generate a lasting impact.
This chimes with women’s motivations for wealth,
with a significant number of women saying that their
said making a social impact main reason for enjoying wealth meant being able to
was of high importance invest in other people, charities and making the world
fundamentally a better place.
when investing
Low
HOW IMPORTANT
IS IT TO MAKE AN
IMPACT ON SOCIETY Average
WHEN INVESTING?
High
10SOCIAL IMPACT IT’S ALL ABOUT A MISSION
MATTERS: PEOPLE: FOR CHANGE:
“Cater to a growing number
of women that have a more
'female' type mentality towards “I have 120 employees; I’m very
investment i.e. potentially more proud that I can give them a “Success means the ability to
sensitive to socially focused livelihood and they’re fulfilled act philanthropically and make
investment." thanks to the opportunity I have the world a little fairer.”
created for them.”
"I care about social change for a
better world."
For me, being a good mother, a good wife and a great friend to my amazing girlfriends are what I
consider my goals to be. Giving back whatever that may entail was not only our duty but also would
bring great happiness and satisfaction. Co-Founding the Lady Garden Foundation has really given me a
fire and a passion... to make Gynaecological Cancers “Silent No More.” - Tamara Beckwith
SOURCE AND SCALE
The importance of making an impact on society differs depending on source and amount
of wealth. For those that have made or inherited their wealth, it becomes a major driver.
In terms of amount of wealth, as one might expect, the wealthiest women are the most
concerned with making an impact on society.
EFFECT OF SOURCE OF WEALTH ON IMPORTANCE OF IMPACTING SOCIETY
Married 50
Source of Inherited 83.3
Wealth
Made 72.4
0 20 40 60 80 100
% Reporting High Importance
EFFECT OF SCALE OF WEALTH ON IMPORTANCE OF IMPACTING SOCIETY
>5m 90
Scale of 1m-5m 48
WealthTHE WEALTHiHER REPORT 2019
CONFIDENCE
Confidence remains a barrier to women engaging more
actively with the finance industry. Of all respondents to
participate in our deep-dive survey, 70% had self-esteem
IS KEY
levels of average or below average and this dropped
further in certain contexts where a woman was divorced.
36% stated a lack of knowledge or too much complexity
as the reason they don’t engage.
70%
There are several contributory factors. One was feeling
valued as a client, particularly where their wealth is seen
to have been made by someone else - for instance,
by a husband or through family inheritance. Excessive
jargon was also repeatedly cited as a barrier and cause
of frustration. Women want more information but
said they had average or often do not want to ask too many questions, due to
below self-esteem a fear of demonstrating a lack of real understanding.
This is apparent in many cases - even for women who
have achieved their success in highly commercial
environments. From our discussions, women wanted
more education to remove the perceived complexity of
36%
investing.
But it’s not just down to the sector. Our interviews also
found that lack of confidence and ‘imposter-syndrome’
is rife among women, no matter their success or
spoke about a lack of achievements.
knowledge and fear of
getting it wrong
VALUE AND LACK OF KNOWLEDGE, SELF-DOUBT
RESPECT FEAR OF GETTING AND IMPOSTER-
IT WRONG SYNDROME
“I finally have bankers who "I am a highly successful business woman
respect me. But I have been currently investing in over 40 businesses
patronised shamelessly in the but if I am honest, I want to be able to sit
past, even by female bankers.” down with someone so I can ask seemingly
simple questions, to understand when to
"I had plenty of self-doubt
“Financial advisers still act as buy bonds and when not to buy bonds or
and probably still suffer from
if the man’s career is the most why Yen? I want workshops, information
imposter-syndrome, but I
important one and they talk and networks."
wouldn’t say that’s an obstacle,
as if everything is reliant on
it’s just a typical characteristic."
what happens to the man. An “I think advisors have trouble breaking
additional income of a woman is down topics and explaining them easily
treated as a ‘bonus’ which may and that female clients have trouble asking
or may not continue long term." them to do so for fear of looking stupid.”
12WHAT
Women have a complex set of attitudes and needs that define
how they are best engaged and served. The findings in the
report show there is a need for improvement across the industry
WOMEN
to better cater to female clients. If the gaps between their current
experiences can be closed, there is a huge opportunity for the
enhancement of satisfaction, recommendation and growth.
WANT
The study shows women want:
1. More openness
2. More education
3. A personalised service
4. Access to networks
5. More women in finance
36% 28%
of women feel want less jargon
patronised
1. A more open and accessible
experience
“Wealth managers should offer
Over a third (36%) of women have felt patronised home visits to fit in around
through their experiences, while 28% said it was an your life … use less jargon
industry overly reliant on jargon which reduced both please.”
understanding and trust. Women are time poor and
would like the industry to make it easier for them to
engage, by going to them both in person and digitally.
13THE WEALTHiHER REPORT 2019
2. More education
24% of women said education
should be improved and
"I think advisors have trouble
breaking down topics and "What I would really like is to offered at a young age,
explaining them easily and come to a series of workshops or to boost knowledge and
that female clients have presentations, so that I can ask confidence.
trouble asking them to do so better questions."
for fear of looking stupid."
3. A personalised experience
"It’s vital to understand what
As with all consumers, individual women want. They
women expect a more "I’ve got a great fund manager need new instruments and
but he’s got a fund that he’s techniques, which match the
personalised and tailored been given. What I am looking culture of the businesses that
experience from the for is a specific service I am women create."
finance industry. currently unable to get,
because of the way the sector
works currently."
4. Access to peer and networks The power of female networks
repeatedly cropped up during
interviews. Women want to
connect with each other, share
"I want to sit and talk to
a bunch of investors like
experiences and leverage each
me and say, "What are you "My female network is other’s network to make better
investing in? What do you everything." decisions.
think is a good idea? Shall we
do it together?"
5. More women in finance "Maternity breaks can disrupt
a woman’s career and impact
earnings. This is often not
45% of women said there taken into account by financial
should be more women in advisers."
the sector, both in leadership "More female financial
advisors would
and advisory roles. Female
help. Removing the
Relationship Managers, it perceived 'complexity'
was thought, could better of investing - and the
understand the pressures of age-old view that it’s
their clients (such as career or the realm of men."
maternity breaks), as well as It’s clear we can do far
motivations involving the home more to engage and
and family. enable our female clients.
Having listened, it’s now
time for action.
147 TYPES OF WOMEN
THE SEVEN TYPES OF
WEALTHY WOMEN
15THE WEALTHiHER REPORT 2019
Further analysis 1. The Pragmatists
of our in-depth 2. The Independence Seekers
conversations 3. The Adventurers
4. The Democrats
found that wealthy
5. The Providers
women’s attitudes 6. The Supporters
can be grouped into 7. The Legacy Creators
seven categories:
THE PRAGMATISTS Often from more humble responsibility, determination,
beginnings, Pragmatists come focus, challenge – and we all
into wealth through hard need those things in our lives
work and determination. They to get up every day and feel
understand that money cannot positive, motivated and valued.”
buy you happiness but they also
know money makes the hard Anne-Marie Imafidon MBE,
times a lot more comfortable. Founder of Stemettes:
While they may not believe it
is right they can be accepting “I thought if I could do
of the fact that success is often something I enjoy and get paid
measured in financial terms. a fair amount, why wouldn’t I do
that?”
Kate Percival MSc, Luxury Brand
Consultant:
“Success to me is still about
financial success – that is how
we are judged and respected.
Not everyone can be a
winner or receive a medal for
participation. That absolves
167 TYPES OF WOMEN
THE INDEPENDENCE The Independence Seekers Anonymous Client of Close
use their wealth to give them Brothers Asset Management:
SEEKERS freedom. For them, it is about
not being reliant on others to “Money allows me to have
do what they want to do. Once independence and freedom, to
earned, independence is not choose who I want to be with, to
something they are going to do what I want with my life.”
give up in a hurry. This can lead
Phoebe Gormley, Founder of
them to being risk aware and
Gormley & Gamble:
wanting a high level of control
over their investment choices. “Independence. And a work-life
balance to enable me to spend
Tanya Kazeminy, Investor, Artist
a lot of time with my prospective
and Entrepreneur:
family.”
“I am all about making my own
money so I am not indebted to
anyone. I don’t want to rely on
anyone for my independence
and security. I don’t need to
be loaded, I just want to be
comfortable. But I really, really
need to make it myself so I can
feel certainty."
THE ADVENTURERS The Adventurers are looking for Clare Balding, Broadcaster,
as many experiences as they Author and Investec
can get. Wealth for them comes Ambassador:
from the life they live. Money is
the ticket that gets them on the “The aim is to have a varied,
ride. They are risk takers. challenging life and to keep
on learning but the ultimate
Sian Sutherland, Co-Founder of reward is to be happy and to
A Plastic Planet: give myself time to enjoy days at
work and days off.”
“Money is amazing when you
have it and terrible when you
don’t. As an entrepreneur
married to an entrepreneur, we
have lived the rollercoaster of
money for 30 years. Money is
a vehicle to take me to the best
experiences of my life, with my
family and friends.”
17THE WEALTHiHER REPORT 2019
THE DEMOCRATS A Democrat wants to increase “I see my role as flying the flag
representation and level the for women to give them better
playing field. They see their role advice, access and growth.”
as supporting other women.
Democrats want to open
opportunities for others and
drive democratisation.
Savannah de Savary, Founder of
Built-ID:
“The point of the business is
to try and democratise the
property industry in any way that
we can, trying to make it less of
an old boys club and make it
more inclusive.”
THE PROVIDERS Grafters by nature, Providers Tracey Reddings, Wealth
are often the main breadwinner Management Industry Leader:
in their household. Providers
care most about accumulating “I want to be successful for my
a legacy for their children. They daughter, to both inspire her
are more interested in the self- and provide for her."
satisfaction that they get from
other areas of their life than the
money but they want to make
sure their wealth gives a helping
hand to their children and
grandchildren.
Dame Stephanie Shirley CH,
Information Technology Pioneer:
“For me money gives me a) the
ability to have a comfortable life
but b) be able to help my family
to have a nice secure life and
have access to the opportunities
that I think they deserve.”
187 TYPES OF WOMEN
THE SUPPORTERS The Supporters see wealth as Annabel Wilson, Founder of
something that comes from Living Ashram:
health, family and friends. They
are financially secure and use “Wealth for me is about having
money as a tool to support the time, and the resources, and
themselves, their friends and the people in my life who are
those around them achieve their really meaningful to me to share
goals. They provide a ladder to them with. That loyal circle of
those they love and the causes friends, that partner, that whole
they believe in. thing, so it’s not just about
finances or about maximizing
Linda Jackson, CEO Citroën, return on investment. It’s living
Client of Close Brothers Asset life as joyfully and abundantly as
Management: possible.”
“I think there is an element of
what I can do to help people
and I really do enjoy helping
to further people’s careers and
helping them achieve the same
things that I have.”
THE LEGACY For the Legacy Creators, wealth Cécile Reinaud, Founder and
is something that lasts beyond CEO of Seraphine, Client of
CREATORS their own lifetime and beyond HSBC Private Banking:
their own family. They want their
wealth to build something that “I feel like giving back is
continues to say something fundamental. You have earned
about them long after they have your wealth through your hard
gone. For them it is a ticket to work but, of course, a large
ensuring their place in history. part of success is luck. Others
might not have had the same
Carol Bagnald, Finance Leader, opportunity, so it’s important
Business Co-Founder and to me to give back. When you
Advisor: become a public person, you
can take the steps to promote
“Wealth goes on a journey. First the charitable work you are
it is about independence, then doing, and you can inspire
support for family and then others to do the same.”
giving back. Independence is
about survival. When you are at
that moment building a legacy
seems too far off. But then
it’s almost like a light switch
moment - it suddenly changes.”
19THE WEALTHiHER REPORT 2019 THE EXPERIENCE OF WOMEN’S WEALTH Celebrating the diversity of women’s wealth. These personal stories illustrate the motivation, the challenges and the successes experienced on their journeys. 20
STORIES
Clare Balding Many tell us that money matters
often come at very emotional
What’s the point of your wealth?
Broadcaster, Author, times in our lives, is this an I’ve definitely wanted financial
independence and to be able to
experience you relate to?
Investec Ambassador buy a house in an area we liked
I felt most financially insecure when and that was convenient for work.
I was having operations to remove Now I make career choices based
my thyroid and then treatment for on projects that will interest and
Who or what inspired you? thyroid cancer. I was freelance and excite me. Having saved and made
it’s not easy to believe you’ll ever sensible pension contributions, I
I am inspired by a love of sport work again when you’ve got no want to support the causes and
and an insatiable curiosity about fixed contract and you’re not well. charities I care about and to travel
people and what makes them far and wide with Alice.
tick. I love seeing them perform Do you have a female network or
under pressure and I enjoy the other group that you look to for What does success mean to you?
uncertainty of live sport. help and support?
The aim is to have a varied,
What obstacles did you face on Yes. I think WhatsApp is a great challenging life and to keep on
your journey? invention and I think social media learning, but the ultimate reward
in general has been very good is to be happy and to give myself
I have never seen anything as an for allowing women to create time to enjoy days at work and
obstacle, more a challenge to be networks. It’s a very effective way days off.
overcome. I had plenty of self- to discuss issues that matter, like
doubt and probably still suffer from equal pay, inappropriate behaviour
imposter-syndrome, but I wouldn’t or to support each other and shine
say that’s an obstacle, it’s just a a light on various triumphs.
typical characteristic.
“I had plenty of self-doubt and probably still
suffer from imposter-syndrome”
21THE WEALTHiHER REPORT 2019
Sian Sutherland
Co-Founder of A
Plastic Planet,
previously CEO of Mio,
Mama Mio Skincare
Who or what inspired you?
My first boss who was very
ambitious and smart, but also a
great people person and much
loved. And my mum, who believes
absolutely everything is possible
and is the most positive person
on the planet. Almost 93, virtually
blind, she still wakes up excited
every morning at what the day
holds. Who cannot aspire to that?
Beyond money, beyond business
success - this is life success.
What obstacles did you face on
your journey? Many tell us that money matters same way. They are unconditional and
often come at very emotional undemanding and always there when I
Millions! But perhaps not the need them - who could ask for more?
times in our lives, is this an
conventional ones. I have never
experience you relate to?
experienced a ‘glass ceiling’ as I What’s the point of your wealth?
have not worked in large corporate Money is amazing when you have
businesses. I have learned that it and terrible when you don’t. As The point of my wealth is simply to
naivety and self-belief go hand an entrepreneur married to an create a safe home and incredible
in hand on the journey of an entrepreneur, we have lived the experiences - not in a flash way but
entrepreneur - I often don’t know rollercoaster of money for 30 years. in an adventurous way to really
WHY NOT; and to be honest, I don’t It is never a smooth road - God enjoy life.
want to. Funding a new or growing knows why we chose it!
business is the biggest hurdle by Success means my sons will have
far. Raising capital is always hard - Do you have a female network or a lot to say in my eulogy that will
lenders and investors want to give other group that you look to for make them proud. It definitely
to those who already have it. You help and support? doesn’t mean a big inheritance.
can do nothing without the cash It means my life will have made
to work with. It is the fluid that Absolutely. My girl mates are my some small difference that will live
eases all business engine wheels. absolute soul food. They give me beyond my time. It means that I will
However it is not the engine itself support that no man could because go out with a bang, not a whimper,
- that is the people, the brand or they think like me and know exactly with extraordinary memories and
service, it’s very important to keep what I need. Plus, they enjoy exactly huge love in my heart and my life.
that in mind. the same fun times as me - it's hard for
a man to be inside a girls head in the
“Money is simply a vehicle
to take me to the best
experiences of my life, with
my family and friends”
22STORIES
Édéenne capital to start with. I had to find
other ways to develop. I found
of the House. I have no wealth
but Maison Édéenne. My dream
Haute Couture new ways to raise money to finance was to set up a House; to become
my first major exhibition in Musée one of the top Houses of High
Jewellery de la Légion d’honneur in Paris. I Jewellery, and I dream that one
Designer, Artist met collectors that have become a day my granddaughter will run it!
real support to me over time. I look for independence like any
entrepreneur, to make my House
Do you have a female network or flourish. But it is not only
What obstacles did you face on
other group that you look to for about money.
your journey?
help and support?
What does success mean to you?
When I became a jeweler it was
Key moments in the development
mid-life for me, when apprentices Success means the joy that I feel
of the House have started with me
normally begin at 20 or sometimes when I see my client’s eyes, when
sharing my dreams with women.
even younger. It is a man’s world, they open the box for the first time
Finding incredible coincidences
with a strong French tradition. I am with the piece they were waiting for.
or good timing... from the women
Canadian. However, to tell you the They have shared their life stories
who were my first clients and who
truth I cannot remember obstacles, with me and they find out how I
over time have become close
I see them as opportunities. have enhanced their memories and
to the House. Women from the
Opportunities to be smart, to meet values into a priceless portrait.
‘Canadian connection’, sisters
people - incredible people, to learn
of heart and women that inspire
and to become stronger. My work gives deep meaning to
me with their phenomenal grace,
my own life.
energy and generosity have
Many tell us that money matters
provided great support.
often come at very emotional
times in our lives, is this an
What is the point of your wealth?
experience you relate to?
Since Maison Édéenne was
When I decided to become a
founded, all the benefits have been
jeweler, my husband had left after
reinvested in the development
being bankrupted, so I had no
“...it’s not only
about money,
I wish to share
values and a
sense of beauty”
23THE WEALTHiHER REPORT 2019
Cécile Reinaud
Founder and CEO of
Seraphine, Client of
HSBC Private Banking
Who or what inspired you?
The idea of Seraphine came to me
when I realised that there was a
gap in the maternity wear market.
Many of my friends and colleagues
were pregnant and struggling to
find stylish and appropriate work
clothes. I did some market analysis
and quickly understood that there
was little on offer here in the UK
and that the maternity wear market
was far more developed in the
USA. Based on this fact, I figured it Do you have any advice for What’s interesting is, as the business
would eventually come to Europe female entrepreneurs? grew bigger, I was faced with
including the UK, so I decided to sexism. People didn’t believe that
quit my job and start the business. Don’t do it like me! Don’t combine I was the Founder, people thought
starting a business and having a baby – I must have a husband in the
What obstacles did you face on it’s too much of a challenge and in my business. When it became a
your journey? case, everything nearly fell apart. My multi-million pound business, I
second piece of advice would be find could see that I was really doubted
It was very different, and a huge
yourself a mentor, even if they are in a as a female CEO and Founder, there
challenge because I had everything
different field to you. are times now where that is still
to learn. My background was
the case.
advertising and marketing, which of
Did you face any challenges when
course helped, but when you start a
working with financial institutions? What does success mean to you?
business (especially in fashion) you
need to understand how to work In my 16 years experience of Success is like a three-legged stool.
with multiple suppliers and quickly working with financial institutions, The first part is being able to provide
learn about the supply chain, I have only felt supported. I bank for your family and give them all the
logistics, retail and many other with HSBC and interestingly, my things you want them to have. The
areas. Relationship Manager is a man. second is your own self-esteem. In our
Since I joined HSBC, I have only society, success is measured by
As life would have it, I opened my received huge encouragement and financial goals. And the third one, is
first store and within the first year, guidance. looking at what wealth can create for
I myself became pregnant. At the others. This is a really strong motivator.
time, it was great as I could really In the early days of establishing my
I have 120 employees and I’m very
experience what my customers business, I didn’t feel any biases as a proud that I can give them a livelihood
were going through and relate to woman at all. Maybe because I was and they’re fulfilled thanks to the
them. But of course, I completely young and filled with enthusiasm. If opportunity I have created for them.
underestimated the challenge there were challenges, I would have
of pregnancy and that having a simply brushed them away. I have
newborn poses, when trying to to say, the British attitude towards
launch a new business. The business entrepreneurs is amazing. They
was successful immediately, so it all were always very enthusiastic and
became easier and fell into place. that really fuelled my passions.
“It felt like survival –
but I survived!”
24STORIES
Miishe Addy in many ways similar to those
confronting early-stage companies
Do you have a female network or
other group that you look to for
Co-Founder and CEO everywhere: accomplishing help and support?
big goals on a limited budget,
of Jetstream Africa continuing to grow a skilled, and I have a brain trust of sorts. It’s a
and Alumna of C5 flexible team, and achieving strong small group of men and women
that I lean on individually when
returns on investments into product
Accelerate development and customer I need a sounding board. They
acquisition. However, because have very little in common with
we are in Africa, I believe we have each other - I met some of them in
Where are you currently on your the United States, others here in
business journey? to be more creative than usual
about distribution and marketing, Ghana. Each of them offers a
because there are wide gaps in thoughtful perspective that gives
We’re an early-stage startup, based
infrastructure and education, which me encouragement. My mother is
in Accra, Ghana, and have raised
don’t lend themselves to easy part of that brain trust. She and I
capital from VC investors. The
solutions or quick fixes. share many of the same values and
solutions that Jetstream is bringing
she offers some of the most clear-
to the market, have the potential
Who or what inspired you? minded, incisive feedback I’ve ever
to transform the way cross-border
heard.
trade is conducted in sub-Saharan
Africa, and emerging economies I’m inspired by the women
catalysing global social change on What does success mean to you?
generally. My aspiration is for us to
realise that potential, and by doing Twitter. They have mastered the art
of amplifying their strength with For me, success is a journey rather
so, elevate standards of living in than a destination. Today, I am
the markets we serve, sustainably numbers. This digital sisterhood
reminds me that women have an doing intellectually challenging,
and over the long-term. meaningful work, and - in the
unparalleled ability to affect rapid
and radical change when we work process - building wealth for our
What obstacles did you face on business, investors and customers.
your journey? collaboratively.
Continuing to do that work, and
scaling the business into a global
The challenges of building a
player in agriculture trade from
startup in Sub-Saharan Africa are
emerging economies, is an exciting
measure of success on this journey.
“Women have an
unparalleled ability
to affect rapid and
radical change
when we work
collaboratively”
25THE WEALTHiHER REPORT 2019
Tracey Reddings
Wealth Management
Industry Leader
Who or what inspired you?
A combination of great role models
and being fortunate to have some
inspirational, authentic and truly
generous of character friends and
finally, wanting to be successful for
my daughter, to both inspire and
provide for her.
What obstacles did you face on
your journey?
A lack of confidence in the early
days, in my ability / impact, but
more significantly, almost always
being the lone female in senior
management teams, where it would
have been easy to feel invisible.
Many tell us that money matters
often come at very emotional
times in our lives, is this an
experience you relate to?
Yes, having to think about how I
could support my mother when
she was terminally ill with the right
support. When I got divorced I had
nothing and had to work hard to
build security for my daughter to
ensure I could provide for her. What is the point of your wealth? What does success mean to you?
Do you have a female network or The point of my wealth is: Positive impact on those around
other group that you look to for Independence, choices, freedom, me and inspiring them to be
help and support? ability to support my daughter their best self. Success for me is
and those closest to me and the about succeeding through other's
Yes, I am fortunate to have both ability to give more to the causes I success; this gives me great
great personal and professional support. pleasure. Money is only good if it
female friends who have been has positive impact. There are only
a great support. However, I so many 'things' you can buy
have chosen carefully, as I have with it.
found some women to be more
challenging and not supportive.
“Money is only good if it has
positive impact. There are only so
many “things” you can buy with it”
26STORIES
Dame Stephanie Many tell us that money matters
often come at very emotional
What’s the point of your wealth?
Shirley CH times in our lives, is this an
experience you relate to?
Minute Number 1 in the
company’s annals was defining the
Information Technology objective: to provide employment
Which comes first: the chicken opportunities for women. We
Pioneer or the egg? When overwhelmed measured against criteria such
by money matters, we forget the as ‘how many married and
possible solutions: cut expenditure, unmarried women with children
Who or what inspired you? earn more, sell something, are we employing?’ I had originally
borrow… During the 70’s recession, researched having the organisation
I was motivated negatively: sick
I had got to the stage of selling as a charity. But then realised
and tired of employers’ sexism, I
personal items; we survived but women’s contribution would be
decided to set up my own company
only just. better recognised if it was profit
of women, for women, as an early
making.
social business.
Do you have a female network or
other group that you look to for What does success mean to you?
What obstacles did you face on
help and support?
your journey? Material success gives choices
I have many female friends but as to how my husband and I live
It would have been a waste of
none are businesswomen. In the our lives: and the ability to act
time to try for funding so we were
early days, I was part of the women’s philanthropically and make the
grossly undercapitalised. It was
FORUM group of top women in world a little fairer.
my free labour and later, a second
government, in law, in retail… I
mortgage on our marital home
was the top woman in IT. It was an
that financed us. And we were the
excellent network and we learnt to
laughing stock of the computer
trust, help and support each other.
industry because we were selling
software which, at that time, was
given away free with the hardware.
“No-one can sell software” they
said, “least of all a woman”.
“Material success
gives choices
as to how my
husband and I
live our lives: and
the ability to act”
27THE WEALTHiHER REPORT 2019
Linda Jackson
CEO of Citroen, Client
of Close Brothers Asset
Management
What does success mean to you?
Success to me means self-
satisfaction, particularly as I came
from a very menial job. My first
job was stapling things together
in the finance department and
from there I worked my way up, so
I think there is also an element of
self-satisfaction. But there is also
an element of what can I do to
help people and I really do enjoy
helping to further people’s careers
and helping them achieve the same
things that I have. To be honest with
you, it’s not about the money.
What is the point of your wealth?
It is being able to share the money
with my family. I work a lot, I enjoy
my work, but it is nice to take time
off with my family and to go on
holiday and to be able to give
them things that maybe you didn’t
have as a child. For me, that’s a big
driver - money gives me the ability
to have a comfortable life, but more it is not something that you want find harder to discuss with a man.
importantly the ability to help my to do within the first few weeks of She recognises what would worry
family to have a nice, secure life and being widowed, but you’ve got to me, such as wanting to make sure
have access to the opportunities do it. It is a distressing and stressful there is enough money for my
that I think they deserve. time and I am unsure how to make children. I do feel that we have a
it easier for people. Suddenly you strong relationship, because she
Many tell us that money matters need the headspace to deal with all understands me.
often come at very emotional these things you hadn’t before and
times in our lives, is this an that’s one of the reasons I wanted a
experience you relate to? financial advisor.
It can be a very tragic time, a I am very happy I have Georgina
very sad time. Within a week of from Close Brothers Asset
my husband dying I had to ring Management as my Financial
up about his pension and whilst Advisor because I can talk to her
people were very understanding, about things that I maybe would
"...money gives me the ability
to have a comfortable life, but
more importantly the ability to
help my family..."
28“Our Founding Partners are
committed to championing,
empowering and supporting
female clients. Each is
represented by agents of
change, working together
for the benefit of everyone.“
TOGETHER
WE CAN BE EXTRAORDINARY.
29THE WEALTHiHER REPORT 2019 30
FOUNDING PARTNERS
The Private Bank focuses services to local residents
on bespoke solutions and businesses based in
ranging from standard to Jersey, Guernsey and Isle of
sophisticated for their HNW, Man. It also serves non-
UHNW and Family Office UK-based corporates
clients. Private Bankers curate and fiduciaries who have
a dedicated team for each UK banking, credit and
client, bringing together investment requirements.
banking, credit, investment, International Banking delivers
philanthropy and wealth banking, savings, mortgages
planning specialists from and investment products
across Barclays. The Overseas to affluent international
Services division of Barclays customers.
offers banking, investment
and credit products and
“Women have more financial power than ever
with more than 50% of the UK’s wealth expected
to be in their hands by 2025. Female preference
around growing, protecting and managing their
wealth can vary considerably from their male
counterparts, therefore it’s fundamental we
understand our clients’ motivations to ensure our
solutions are tailored and relevant.“
Karen Frank
Karen Frank Lisa Francis
Chief Executive Officer Chief Executive Officer
Barclays Private Bank and Barclays Private Bank - UK &
Overseas Services Ireland
31THE WEALTHiHER REPORT 2019
Brewin Dolphin is a UK FTSE Services range from bespoke,
250 provider of discretionary discretionary investment
wealth management. With management to retirement
£39.5 billion in total funds, planning and tax-efficient
it gives clients security and investing. Brewin Dolphin
well-being by helping them has a network of 30 offices
to protect and grow their across the UK, Jersey and
wealth, in order to enrich Dublin, staffed by qualified
their lives by achieving investment managers and
their goals and aspirations. financial planners.
“The main reason we wanted to be a Founding
Partner of WealthiHer is to help all women take
responsibility for their own finances and have
access to good planning and investment advice.
This is not just about numbers. It’s about women’s
priorities and goals and helping them to overcome
the challenges on their way to meeting those.
Carla Morris
Carla Morris Chiyo Rimington
Wealth Advisor Investment Manger
Brewin Dolphin (Divisional Director)
Brewin Dolphin
32FOUNDING PARTNERS
Brown Advisory is a global, level of service. As of 31st
employee-owned, investment January, 2019, the firm had
management firm offering approximately $69.7 billion
a wide range of solutions to in client assets, with clients in
individuals, families, charities 37 countries worldwide.
and institutions. We are
committed to delivering a
combination of first-class
performance, strategic
advice and the highest
“Empowering all clients with financial knowledge
is critical to our approach in building strong long-
term partnerships. We are committed to creating
a working environment that inspires both female
colleagues and female clients to thrive and
leverage the power of their financial assets. We are
thrilled to be a part of the The WealthiHer Network
aiming to do just that.”
Georgina Guy
Louisa Cottrell Keryn Brock Georgina Guy
Co-Head of International Head of International Head of International
Messaging and Events Institutional Business Strategic Advisory
Brown Advisory Brown Advisory Brown Advisory
33THE WEALTHiHER REPORT 2019
C5 Capital Limited (C5) is Director of C5 Accelerate. Its
a specialist venture capital mission is to bring together
firm focused on investing women in tech and inspire
in cybersecurity, cloud and them to explore and develop
artificial intelligence. C5 cloud-based products
has offices in Washington, and solutions, through
London, Munich, mentorship, education and
Luxembourg and Manama. connectivity. The vision is to
increase awareness, appetite
Nebula, C5’s “Women in and aptitude for women in
Tech” initiative was launched technology.
in September 2017 by
Hadyah Fathalla, Executive
“C5 is proud to support The WealthiHer
Network; working collaboratively, we are
able to drive change and give women more
opportunities to create wealth, preserve it,
and invest it in a rewarding way.”
Eva-Maria Dimitriadis
Eva-Maria Dimitriadis
Chief Operating Officer
C5 Capital
34FOUNDING PARTNERS
Chubb is the world’s largest provider of high-value
publicly traded property automobile, home and
and casualty insurer, based valuables coverage, with
on a market capitalization exceptional claims service,
of $61 billion. A truly global for successful individuals and
company, with extensive local families in the U.S., Canada,
presence in 54 countries U.K. and Ireland, Australia,
and territories. Insurance is France, Singapore and the
our only business. Chubb Netherlands.
personal lines, is the premier
“We are delighted to be a Founding Partner of The
WealthiHer Network. At Chubb, we look for ways
to do more for our clients and our community.
By actively joining the network, we hope to use
our expertise at Chubb to help successful women
protect their lifestyles, their families and their
most valued possessions and to demonstrate our
commitment to inclusive diversity.”
Annmarie Camp
Annmarie Camp
Head of Personal Risk Services
Chubb
35THE WEALTHiHER REPORT 2019
Close Brothers Asset and charities. Central to both
Management (CBAM) propositions is their award-
provides a complete financial winning, institutional-quality
planning and investment investment capability. CBAM
service to professionals, has specialised in managing
business owners, retirees client portfolios for over
and other high-net-worth 40 years and their financial
individuals and multi-asset planning and investment
investment management to team are supported by more
financial advisers, trustees, than 550 staff, working from
consultants, family offices 10 offices across the UK.
“Close Brothers Asset Management is proud to be a Founding Partner
of the The WealthiHer Network. This is a powerful industry initiative
to ensure we are working together as wealth management firms to
consider women’s needs and preferences in our communication,
education, wealth planning and investment forums. For us, it’s
fundamental that every one of our clients, including women, engage
with their financial wellbeing and feel well supported, confident and
reassured in managing their wealth now and for their financial future.
We are excited to be part of this important industry network that
is working together to better serve the needs of women and their
wealth.”
Jeanette Makings
Jeanette Makings Nancy Curtin
Head of Financial Education Chief Investment Officer
Close Brothers Asset Close Brothers Asset
Management Management
36FOUNDING PARTNERS
As part of the HSBC Group, and wealth management
one of the world’s largest services in the largest and
banking and financial fastest growing markets
services organisations, HSBC around the world. HSBC
Private Banking aims to be Private Banking is the
the leading private bank marketing name for the
for high-net-worth business private banking business
owners, entrepreneurs, conducted by the principal
senior executives and their private banking subsidiaries
families. It provides tailored of the HSBC Group.
private banking, investment
“HSBC Private Banking is a proud Founding
Partner of The WealthiHer Network. Together with
our peers, our mission is to champion women
across our industry, making it a more gender
balanced and diverse sector.”
Kirsty Moore
Kirsty Moore Emmajane Varley
Managing Director Global Head of Communications
HSBC Private Banking HSBC Private Banking
37THE WEALTHiHER REPORT 2019
Investec Private Bank is built Their offering includes
to service a small number of specialist mortgages and
entrepreneurially-minded lending, bank accounts and
individuals, acting as a catalyst deposits, foreign exchange
for their wealth creation. Their and access to investments
team of dedicated Private and financial planning
Bankers invest in long-term through Investec Wealth &
relationships with clients, Investment.
typically with an income of
£300k+ and a net asset
value of £3m.
“The launch of the The WealthiHer Network
is an important milestone; this kind of
collaboration across the industry is what is
going to truly shift the dial when it comes to
servicing female clients. We are delighted to
be Founding Partner.”
Emily Cvijan
Deborah Sayagh Emily Cvijan
Business Development Business Development
Manager, Private Equity Investec Private Bank
Investec Private Bank
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