Fifty-one percent of the wealth is already held by women, and it's only going to increase as we see the approximately 40-trillion change generations. Luma Wealth Advisors is a brand that we developed to really go out and codify and expand what we were doing on behalf of women and certain niches within that market. I think the biggest challenge you've seen in our industry is this tendency to compare and lump all women together.
And in the research that I've done, 96 percent of women say the most important thing is you know what's unique about me and my family. We found that about 32 percent were supporting children in some way in the next generation. I would tell you at Fairport and Luma, it's over 90 percent are supporting kids in the next generation. So, if an advisor were to walk into that meeting and assume it's a single woman, no kids, I don't need to go down that line of questioning; they would be missing one of the most important things that you need to know about that woman and what her values and priorities are in her financial life.
In each one of the niches that we deal in, we understand what are the unique challenges. So, for a breadwinner executive woman, it's she has no time. And because these women don't have time, they don't get it done, and they take care of themselves last. We're going to try to figure out how to solve that problem for her in the way that's going to work for her.
If it is a widow, the first two questions on her mind are, one, am I going to be financially okay? Am I going to be a bag lady? Or am I going to be okay? And two, everybody's calling me telling me things I need to do. I'm overwhelmed. We come in and put together a team to, one, put her at ease; and then secondly, we help really run through brick walls for her and do all those administrative duties, and just keep her up to date with what's going on with a simple spreadsheet. It's a one-pager that just says, “Here's the number that you can afford to spend every month, and you're going to be okay.”
I love what I'm doing. I think this is probably the best career on the planet, because we get to make a difference in people's lives. Our core purpose is inspiring families, inspiring families to be their best selves.
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