When it comes to managing wealth, women have a large impact. Much larger than most may realize. For example, women control more than 50% of personal wealth within the United States. More than 40% of women are the primary breadwinners in their families. Women own 12.3 million businesses within the United States. This equates to 40% of all US firms. Per a BMO Financial Group Study, by 2030 Women will control 2/3rd of Private Wealth. Women also tend to live longer so their impact and influence on wealth is for a longer length of time.
There is unfortunately an incorrect stigma that women are not as knowledgeable when it comes to their finances. There is nothing scientifically proven that confirms that a man is naturally more capable of managing wealth. Sadly, both men and women can fall into believing this assumption.
At First State Trust Company, we recognize that women are fully capable of properly and confidently managing their wealth. We aim to assist in the education and instilling of confidence in our female clients. In fact, approximately 60% of First State Trust Company’s clients are female, and we proactively devote time and resources in the education of women and their wealth.
First State Trust Company has devoted an entire page of our website solely to Women and Wealth. It is developed by women for women. The page contains information regarding the positive areas women have in wealth management and the areas in which women can grow in. The page also contains articles providing knowledge about trusts, investments, how trusts work, how to read a trust statement and how to read and interpret a trust document. Below is a breakdown of the current articles available to provide both men and women guidance on managing one’s wealth. The page will continue to be updated.
- Types of Trusts is a solid breakdown of the different types of trusts and how they work. Each type of trust operates differently, and it is important to understand how one’s specific trust works.
- The Taxation of Trusts article assists with making tax season an easier experience through providing insight and understanding on the process.
- Considering a Discretionary Distribution focuses on one of the most important responsibilities of First State Trust Company as a trustee. Many questions can come up when it comes to discretionary distributions, and the answers to these questions can be found in this article.
- How to Read Your Trust Statement is an invaluable resource when it comes to understanding the activity taking place in your trust. This article provides a breakdown with screenshots on how to interpret First State Trust Company’s statements. This is unique as most other companies do not provide this information about their statements.
- How to Read Your Trust Document is yet another valuable resource. The language in a trust document can be daunting due to the legal jargon throughout it. There are also different provisions and different terms that are not commonly used day to day. This article can help walk you through basic concepts and provide definitions to the terms you often see in a trust agreement.
- A Primer on Investments provides great insight on how the assets within a trust are managed from an investment perspective. Statistically, women shy away from investment decisions and pursuing a career path in the financial advising industry. For example, only 14% of all financial advisors are women, and 61% of millennial women leave investment decisions to their male partner. This article sheds light on this topic.
First State Trust Company desires to provide excellent client service and focusing on our female clients is something we take pride in. Feel free to reach out to your trust or investment officer with any questions you may have.
For more information, please contact:
Stacie Wolff, CTFA
Assistant Vice President / Trust Officer
Phone: 302-573-5812 / Email: firstname.lastname@example.org
The posts expressed are views of FSTC and are not intended as advice or recommendations. For informational purposes only.