Women of exceptional affluence are increasingly taking control of wealth management in their families, reflecting larger societal shifts that have taken place over the last few decades according to a new study.
"The New Wealth Paradigm: How affluent women are taking control of their futures", by Wilmington Trust and Campden Research in association with Relative Solutions, reveals that women are seeking a holistic approach to wealth management, which includes establishing family governance structures and fostering dialogue, particularly with their children, about wealth management.
"More than anything, the women in our study view their wealth as a source of empowerment to achieve their goals and independence," said Cynthia A Conway, director of marketing for Wealth Advisory Services at Wilmington Trust. "Unlike their fathers and mothers who viewed wealth as a demonstration of their success in life, they view their wealth primarily as a means to pursue a life where they are free to follow pathways that are aligned with their deepest values."
The research, which was conducted in autumn 2008, surveyed 40 women aged 40–65 with a minimum net worth of $25 million and at least one child.
"We are in the midst of a significant shift in the wealth paradigm," said Mindy Rosenthal, co-author of the study and North American managing director at Campden Media. "Women are stepping up to a new level of involvement in the management of their families' wealth. This is an important trend as women are not only becoming recipients of vast amounts of wealth, but they are also taking control of that wealth to empower themselves and members of their families to become independent, service-oriented, and focused on long-term goals."
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