The landscape of female entrepreneurship has seen a notable shift in recent years, with an increasing number of women taking up leadership roles and expanding their influence. However, this has also brought about new challenges and opportunities in terms of wealth management and business growth. Alan Hooks, Head of Private Clients at Julius Baer International, and Sam Smith, entrepreneur and former CEO of finnCap Group Plc, shed light on the obstacles that women face in managing their wealth and growing their businesses. They highlight the importance of financial literacy, a supportive community, and personalized advice.
While both male and female entrepreneurs face certain common challenges in wealth management, Hooks emphasizes that women often approach their finances differently. Despite the universal hurdles such as lack of confidence, knowledge, or time, with the right advice, none of these are insurmountable. Hooks identifies a lack of financial confidence as a unique challenge faced by many female entrepreneurs, due to historically less exposure to investing or financial education.
Another significant factor is the issue of time, as entrepreneurs’ lives are often entirely intertwined with their businesses, making personal finances a secondary priority. This can lead to feelings of being overwhelmed, especially among female entrepreneurs who are juggling the demands of running a business and managing personal finances. Therefore,