"Women & Wealth" Seminar Hosted by Florida Luxury Marketing Council

From the Desk of Deborah Beacham

Luxury Marketing Council’s “Women and Wealth” presentation

I had the opportunity last week to attend a presentation by Dr. Kirby Rosplock, Vice President, Research & Development of GenSpring Family Offices. She directs corporate research efforts for the firm and is a 4th generation member of a family business and is a co-trustee on her family’s foundation. Kirby holds a Ph.D. in Organizational Systems from Saybrook Graduate School, where she focused on change management as it applies to affluent families.

The presentation was hosted by the Florida Luxury Marketing Council, an organization that works to bring the most innovative marketers of luxury products and services together to explore and share best practices, critical issues, and trends through innovative marketing collaborations and creative exploration of trends. With more than 900 council members throughout the world, there are chapters from Atlanta to Dubai to London to Mumbai to Sarasota.

GenSpring sponsored a study in 2006 exploring women’s knowledge, awareness, involvement, decision making, attitudes and wealth transfer intentions. Over 100 affluent women participated in the study whose combined assets total more than $2 billion, and their aggregated responses give us greater insight into women’s perceptions, views and intentions when it comes to handling their wealth. The women who participated tend to be in their fifties with a household net worth of $10 to $25 million, are married, and have two to three children. They likely inherited a significant portion of their wealth and came from an upper-middle or middle class home. More often than not, they are employed and work in professional services, education, investment/money management, healthcare, or service work. Those who do not work volunteer their time to various organizations.

They are largely educated, with at least a Bachelor’s degree, and likely an advanced degree. These women also feel that it is important to have a strong work ethic and to rear children to appreciate the value of a dollar.

One example of a “Myth or Reality”:

Myth: Wealthy women see their wealth connected to their image, identity and power.
Realty: --Women are impressed by people with wealth (88% disagree)
--Having wealth equates to having power (55% disagree)
--Wealth is connected to image—Women are divided (41% disagree; 42% agree and 17% are neutral)
--Most women interviewed do not consider themselves to be wealthy.

To get a copy of the Women & Wealth Report of Findings, visit GenSpring’s website, www.GenSpring.com to download the study’s Key Findings.