Frankie's is empowering women to be bold and take control of their finances
Women continue to get an inferior deal when it comes to their finances. Ridiculously, in this supposed time of fairness and equality, they still earn less than men - and many for doing exactly the same job.
The current gender pay gap is 14.4% and that means not only do women earn less over their lifetime of work, but they will have less to live off in their older age as lower amounts are going into their pension pots from them and their boss. The average pension for men is £138,000, compared to £99,000 for women.
This leaves many women relying on their partner. One in three are financially dependent on their partner, compared to less than on in 10 of men.
The financial industry doesnt help things either. Thats geared up with men in mind too. The majority of financial advisers are men, just 16% are women. Almost three quarters of wealth asset managers admit their products are targeted and tailored towards men.
No wonder over a third of women with money feel patronised by the financial services industry.
But the tide is turning, and female financial power is coming, albeit a bit slowly. Financial experts expect that 60% of wealth will be in the hands of women by 2025. And younger women aged 27 to 42 are beginning to take a more active role in managing their finances and wealth for the future.
One young financial planner is determined to do something about this to help women become more confident and to be bolder. She is on a mission to change things around for women.
Francesca Smith, 29, a certified Financial Planner who has worked in the City for six years and is now in the process of launching her own wealth management company, realised a few years ago how great the gulf was between men and womens financial literacy. She decided to launch Frankies - a dedicated club that empowers women with knowledge about financial management and educates them about the skills they need to start investing.
Francesca says that during her career as a financial planner she has seen trends emerging among the women she works with. Despite being hugely successful, and in some cases working in finance themselves, personal finances were rarely managed proactively. With minimum investment level barriers, leaning on male partners or family and friends for guidance, feeling not ready or time poor, women arent always empowered to access the advice they deserve to plan for their future.
Francesca adds: This, coupled with individuals falling into gender stereotypes and women often taking on other family roles such as caring for children or family members, the gender pay gap and simply the overload of information available, can all lead to financial planning taking backseat.
Frankies stage events each month in London with guest speakers offering the chance to learn more about finances and investing. She has developed a partnership with fine diamond jewellers Boodles, who support her programme. Francesca also has plans to take Frankies around the UK to other big cities.
Francesca says her ultimate goal is to re-invent the traditional wealth management model by providing a platform where women can really gain the confidence to be bold with the financial decisions they are making.
About Francesca Smith and Frankies
For six years Francesca has been working as a Financial Planner at a City of London-based Finance Services business. She joined the business after studying at Exeter University and for the past two years she has been Strategic Financial Planner within their Private Office, focused on providing advice and support to High Net Worth clients.
In 2021 Francesca launched her own exclusive and innovative networking organisation under the brand of Frankies inspiring businesswomen to connect, collaborate and engage with finance. She co-founded a monthly investment club with Allbright, the female Private Members Club in Mayfair, where she hosts popular monthly events on a vast range of financial topics helping women to dissect the jargon of the financial services industry.
In 2023 she linked up with Home Grown, a private members venue in London, to launch an investment club for businessmen and women. Her events at Home Grown have been attracting large audiences and high-profile keynote speakers.
Francesca is now in the process of launching her own Wealth Management company, FSWM Ltd, and she has plans to expand her Frankies network to cities around the UK over the next couple of years.
Paul Smith Associates: Paul Smith Tel: +44 (0)7771 623 007; email: email@example.com
Note to Editors: Frankie Smith is available for interview by contacting PSA
PAUL SMITH ASSOCIATES
22nd January 2024