Bye, Bye Secret Elitist Club for Boys!

I surprised myself and downloaded the Bloomberg news app a few months ago. In the past decade, I only paid real attention to money when I wanted to travel. I saved my mileage reimbursement checks from my job and I hacked credit cards as a means to an end. (Travel hacking tips and techniques coming soon. It’s no secret and not hard if you follow a few easy steps). I get caught up in the now and didn’t think I would live this long anyway.

I’ll admit it. Money conversations made me trail off until about two years ago. I don’t recall any financial literacy classes being held around the dinner table when I was growing up. Money was this elusive thing that men mostly had and controlled. 

How things have changed for the better. Saturday, this pops up on my phone from Bloomberg, “The Most Powerful Woman in Investing Gives a Rare Interview”. Click. Consumed like a freshly cooked marshmallow on a campfire.  The most powerful woman in investing. Let me type that again. The most powerful woman in investing. God, that felt good. Her name is Abigail Johnson and she is the CEO of Fidelity Investments. 

She and Kathleen Murphy gave the above-mentioned interview to Bloomberg Markets and discussed a few hot topics in investing right now, but what caught my attention was this absolute zinger. 

“We’re in the midst of a $22 trillion shift in assets to women, because of longevity, because they’ll outlive their spouse, because of divorce, whatever. Second, and related, 9 out of 10 women will be the sole decision-maker in their household on their finances at some point in their life, either due to the death of the spouse, divorce, or because they stayed single over the course of their career.
If 90 percent of women have to have some understanding of finances and feel confident about it, how can we help women investors get the confidence? We know women are absolutely just as good as men at investing when they actually take the step. We’ve proven that, and they’re actually slightly better.” – Kathleen Murphy,

You know what they did? This summer, they changed the game and offered the first two zero-fee index funds and became the first in the industry to eliminate all [investment] minimums and account fees; then the third thing, which is probably the most influential on the market, is the reduction [in the number of share classes] of all of their index funds.(paraphrased)

BOOM! They took away the barrier to investing and most importantly the mystery. There is a confidence gap in investing for women and robo-advisors are allowing women to do their research and plan their long term goals without having to sit across from some financial advisor in a room full of TV’s with tickers running full force at the bottom of the screens.

Ladies, investing isn’t for the privileged male anymore. It’s for all of us!  

Check out Fidelity and Vanguard’s personal investing robo-offerings. The digital experience is pushing the entire industry to make the whole investment experience easier. 

How exciting, huh?


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