To Assume Nothing: Managing Finances & Other Related Aspects

Women have long been relegated to the sidelines of the financial services sector, where advisers have traditionally focused on men and their money. Historically too, while women have been considered capable of managing the household budget and day-to-day bill paying, but long-term investing was often left to men.But now the tables are turning and wealth managers face an unprecedented transformation as more women outlive their spouses, hold an increasing share of jobs and take greater control over family finances.

Women face unique challenges when it comes to managing finances and wealth. Shorter, even possibly interrupted working careers and income disparities are a few of the issues that challenge women to get the most from their resources to support their immediate goals and to prepare for their future goals.

Given this background, FLO together with HSBC organised a workshop on ‘Assume Nothing: Managing Finances and other Related Aspects’ on 28 November 2014 at FICCI.

The workshop was in continuation to a study-survey undertaken by FLO & HSBC around two months ago to gauge women’s investing habits and understanding how they plan and manage their finances.

In her Welcome Remarks, Ms Neeta Boochra, President FLO said “We hope to discuss and find solutions to some of the issues and challenges that might have been worrying us for some time now – I am sure the issues we have in mind can be brought to the forefront and discussed across the table for expert advise”

Ms Sheryl Sheryl Slater, CFO HSBC India gave the Introductory Remarks. The Presentation was made by Ms Sanchita Mukherji, Senior Vice President, Relationship Management, HSBC Private Banking.

Some of the Key Takeaways from the session included:

• The power of compounding – Start early, be disciplined, be objective.
• The power of leveraging – Borrow effectively. Borrowing is not about additional liquidity, its about greater efficiency.
• Keep it simple and invest after understanding
• High returns necessarily translate into high risk but the corollary isn’t necessarily true