Financial experts say networking and smart decision-making can help women acquire and grow wealth. Working with the right financial professionals is important.
“Women business owners need to ensure they have great partners: a banker, an attorney and a CPA,” says Lynne Walker, executive vice president and director of affinity strategy for First Horizon National Corporation.
Even with their growing economic power as participants in the workplace and marketplace, research shows women often face more financial obstacles than men. For example, borrowing money can be intimidating for some women business owners; however, it may be necessary for business growth.
“If you want to own a business and you’re going to grow, you’ve got to have capital,” says David T. Popwell, president and COO of First Horizon National Corporation, who encourages clients, including women, to diversify assets, do long-term planning and learn the power of compounding returns.
The U.S. Census Bureau says women earn 80.5 cents for every dollar a man earns.
“That salary gap could create a savings gap,” says Walker.
Lifestyle, including marriage, divorce and caring for children or aging parents, can impact a woman’s ability to earn, save and grow wealth.
Taking time off “might reduce your earnings potential, which therefore might reduce your retirement savings potential,” says Walker.
It’s clear: women need to be involved in money matters.
“Women still face financial discrimination that makes it harder for them to get paid what they are worth, access credit and business capital, and afford daily expenses,” says wealth psychology expert Kathleen Burns Kingsbury, in an article titled, “Women Need to Break Money Silence to Achieve Financial Parity.”
“First Horizon National Corporation bankers get to know their customers’ unique needs, including those of women,” says Popwell. “Our lead is always with advice and not with product. We put the financial well-being of our customers first.”
To experience financial guidance that’s tailored to you, please contact Sarah Sutton, Director of Investment Services for FTB Advisors, at 800-300-0987.