What are the most important lessons you have learned from the families Northern Trust serves?

Family dynamics are complicated and sometimes money makes them more so. Wealthy families face complex and difficult situations. Advisors need to have the right level of expertise and sensitivity to help manage these complicated dynamics.

"Wealthy families face complex and difficult situations. Advisors need to have the right level of expertise and sensitivity to help manage these complicated dynamics."

How is the wealth management industry falling short in addressing women’s unique banking needs?

Our industry is getting better at taking the time to actively listen to what women have to say about their priorities rather than assuming we know what they are. The industry generally is becoming a lot more invested in women as an independent client base, but room for improvement certainly exists. For example, many women are reluctant to take on debt even if they know the growth potential is high. We try to educate clients on the opportunities and tradeoffs of taking well-educated risks.

How have the ways women approach financial decisions changed over recent years?

The role women play in business and family finances has changed dramatically. However, in my experience, women still rarely make financial decisions without factoring in the ripple effect for their family. While this is largely a positive approach, it can impact their willingness to take risks. In our banking practice at Northern Trust, we overcome this challenge by helping clients approach their balance sheet more holistically and opportunistically – illuminating what is possible through strategic leverage.

"I have found it is important to allow kids the opportunity to make financial decisions on their own and learn from their mistakes."

What are the biggest concerns you hear from female clients?

When it comes to credit, parents want to instill healthy credit habits in their children. From personal and professional experience, I’ve found it is important to allow kids the opportunity to make financial decisions on their own and learn from their mistakes. When it comes to credit, we would be wise not to just pay off their bills for them. Even if we are providing financial support, we should enable them to manage their own credit obligations and to understand what happens with good and bad choices around credit when they are young and it is safer. By the time they make bigger lifetime decisions, such as purchasing their first home, they will better understand the importance of healthy credit behaviors.