“A woman is like a tea bag – you can’t tell how strong she is until you put her in hot water.”

Eleanor Roosevelt

Back in 1983, portfolio management was largely a male dominated industry. The majority of decision-making clients in the bank Trust Investment division where I began my career as a portfolio manager, were also men. My (atypical) female boss and I often commented that it was unfortunate that many women we met in our professional capacity, were content having their husbands or other male family members control their personal finances. It was often assumed that the male of the family as the sole or at least main breadwinner should also manage the investments. In reality, it was not uncommon for a woman to be widowed, divorced or to never marry and at some point become completely responsible for supervising the family assets. We worked with women that had never handled a checking account and had little knowledge of how many bank accounts, safe deposit boxes or other assets belonged to the family. It could be difficult and time consuming to determine all of the financial institutions that maintained their investment funds because they had not initiated any of the accounts directly.

In 1987, I left the banking sector and continued my career in investments, finding my place in the independent S.E.C. Registered Investment Advisory space. The banking industry in Florida had entered a consolidation phase and signs were in place that the investment process for many trust departments would become centralized at out-of-state corporate headquarters. It seemed to me, (and still does) that a unique opportunity existed in the boutique RIA industry to provide individualized, personal asset management and client servicing that was/is rarely available for most individual investors in the large, diversified financial institutions.

Initially, because of my experience managing money for non – US residents at the bank, and being bilingual in Spanish and English, I expected that the bulk of my clients would come from the extensive pool of international family wealth in Miami. Conversely, I experienced an interesting occurrence. As an entrepreneur, other individuals that had built their own businesses were more apt to understand the level of service and professionalism available in a smaller firm. They preferred conducting business directly with the principals of a company – experts with “skin in the game”. Over time, institutions had also discovered the advantages in place at the independent RIAs and initiated programs meant to identify quality emerging manager and minority-owned firms with competitive performance numbers. In addition, as the baby boomer generation of women came into their own, an evolution was taking place – for me and for all of us. Women had entered the work space years before; however, as we climbed the corporate ladder and became heads of households in our own right, the need for expert financial advice became a priority. I found that, contrary to the popular myth that women have difficulty working well together, women often prefer consulting with another individual that is subject to many of the same points of reference as they are.

Women in the generation spanning the baby boomer era, of which I caught the tail end, had an epiphany of sorts. As we moved through our careers, we discovered our strengths and weaknesses, derived from expanding responsibilities for ourselves and to our families. Alongside my clients, I experienced some of the same challenges – divorce, single parenting – and the financial vulnerability that comes with sole and ultimate responsibly for your own monetary wellbeing and that of loved ones.

Over the years, client relationships, some of which have spanned over three decades, became much more than business relationships. I was invited into families and included in financial decisions regarding expected and unexpected, life altering changes. News of the birth of a child, the death of a parent, a spouse and sometimes – even a child, serious illnesses, divorce and/or marriage and of course, retirement were shared. I assisted in expanding their knowledge of securities, markets and the economy and in turn, they have reciprocated with a look into their areas of proficiency – teaching, medicine, law, accounting … and another priority for many of us – childrearing and homemaking.

In my home, I have already begun the retirement conversation with my daughters although they are still in their postgraduate studies. Ultimately they know, (as does my son), that their financial success and most importantly, financial security rests in their hands. It is never too early to start an IRA or take advantage of a 401K plan. Women have become familiar with the challenges and opportunities available to provide for their own on-going and future financial needs and to anticipate the unexpected. We realize that when it comes to taking advice, trust is of paramount importance and that there is no substitute for doing your homework. Be informed, look for expertise, professionalism, reputation and check licensing for any adviser that you consider – in all business fields. Ask questions, find an experienced professional whose process and viewpoints you understand and share.