Women Of Clout by Priya Sunder

Women are making the critical mind shift from expense managers to investment managers

At first glance, you will find nothing remarkable about Shilpa. Portly, saree clad, hair neatly coiffed in a bun, she looks like an average middle-aged, middle-class working woman. Shilpa, however, is quite extraordinary. She does not work in an organisation, but is the chief operating officer of my home office. Shilpa is our maid. Before she joined us, Shilpa worked as a dealer in a stock broking company. There, I’ve got your attention!

After downing her morning tumbler of filter coffee, Shilpa transforms into a veritable multi-armed domestic goddess. Ladle in one hand, laptop on the other, a broom in the third, she goes about her business with alarming alacrity. She draws up the monthly budget (she is as dexterous with spreadsheets as with spreading sheets), tracks expenses, shops for grocery deals on online portals, prepares wholesome meals, manages other domestic staff and ensures that my house runs with clockwork precision.

Shilpa’s story may seem exceptional, but all she did was unlock her inherent potential. A homemaker from a fairly wealthy family, Shilpa was forced to find work when her family fell into financial peril. She trained herself in stock broking and pulled her family out of debt. The lesson we can glean from Shilpa’s story is that women are truly empowered only if they empower themselves financially. Unlike the previous generation, where the man took control over the financial decisions of the house, today’s woman does not want to be financially vulnerable to either her spouse, parents or children.

This is sometimes hard to do, since the odds are stacked against women. On an average they earn less than men, live longer and take frequent career breaks. It seems logical that to compensate, women must save more, invest aggressively, and work longer. We may not be where we need to be, but we are better off today than a decade ago. We have more money now and control the purchasing decisions of the family.

Today’s women are making the critical mind shift from being expense managers to investment managers. In doing so, they are becoming masters of the game. With my decadelong experience in running a wealth management company, I can say that women are more intuitive investors than men because their decisions are driven more by goals and financial security than returns and numbers.

The growing financial clout of women has unlocked interesting opportunities that enable them to make informed investment decisions. Insurance companies have introduced specialised plans for women and mutual fund houses have launched largescale financial literacy programmes for women across the country. Wealth management firms are recognising the large business opportunity of this segment. Rather than offer women standardised, homogenous investment solutions, they are creating customised workshops to address this diverse segment, engaging more women staff and coaching their male staff to build stronger connects with their women clients.

Support groups and forums play a large role in sharing knowledge and financial awareness among their members. I recently conducted a workshop for one such professional women’s forum called the Friday Convent in Bangalore. Forums such as these open doors to new business opportunities and networks, and help build strong, supportive communities. Coming back to Shilpa — like many of my clients, she has now saved enough to retire comfortably. She works because she loves what she does. I fear the day she will call it quits and hang up her apron for good.