HELPING WOMEN UNDERSTAND FINANCES with Esther Kuznetz
Esther Kuznetz
President of STAR Financial Solutions
StarFinancialSolutions.com
TOPIC: Helping Women Understand Finances
1) What made you interested in helping women when it comes to understanding money?
From the time I started in the industry, it was obvious that women were not taken seriously, and their needs were not being understood or taken seriously. When I started in this industry in the 1980’s, there were hardly any female advisors and little to no women in management in most firms. Most women, except a scant few, were secretaries, even if they had the knowledge, education, and experience of their male counterparts. There were certain types of accounts that some firms would not allow titled in only a women’s name, like options and commodities.
2) What differences are there between how women vs men look at money?
Men are spenders; women are savers. Men are performance-based investors; women are goal-based investors. Women require education to make their own decisions with the help of their advisor. They are more apt to read books, newsletters, etc. to try to understand investing and other financial topics. I always say, you sell to men, but you work with women. Women are generally more charitable and put more of a focus on leaving assets for future generations, especially grandchildren.
3) Why do you believe there is a problem with serving women when it comes to financial help?
Most of the training programs, as well as sales information for advisors are focused on performance and how to sell to men. Women are many times ignored if there is a man present. The advisor will look directly at the man in the room and speak directly to him and not pay any attention to the woman.
4) What are the top 3 tips or insights you share with your female clients to start them on their financial journey?
Not to be afraid to ask. There is no such thing as a stupid question. The men don’t know this stuff either, they just don’t ask, as in directions.
Education is power. We will work together to make sure you understand why your account is set up the way it is; what the different types of investments are for; what kind of risk you are taking; and what to expect in positive and negative environments.
My goal is to get you to your goal(s) with as little volatility as possible. We can do this better together.
5) What led you to opening your own financial company, STAR Financial Solutions?
Mostly the way I was treated in other firms and how I was not allowed to help my clients in the way I wanted. I was told in 2 firms directly that I was not allowed to focus on women. I was told that they never take risks; require too much handholding; and I would never make enough commissions/fees. Of course, none of that is true. In the industry, I am considered to be“specializing” in women investors. I think it’s funny, but extremely concerning, that more than half the American population is considered a “specialty” in this industry. Especially when women need financial advice and direction more than men and now more than ever before as they live longer; financial support parents and children; leave the workplace to raise a family and therefore do not save for retirement in those important middle years. Of all the FINRA registered financial advisors, only 16% are women, so they need me as someone who understands their needs, goals and who communicates the same way they do.
6) What is the most rewarding part of your job?
Knowing that I’ve made a difference in so many lives. Knowing that I’ve helped people achieve their goals and live a full life in the way they visualized doing so, especially in retirement. Now having the adult children and grandchildren of clients as my clients, whom I’ve watched grow up and have had such a positive influence.
ABOUT ESTHER
Esther Kuznetz started in the financial industry as a secretary on Wall Street in the 1980’s. She moved to Sarasota in 1991 and joined a small independent firm, where she was reintroduced to the financial industry and truly found her calling. After 13 years at that firm, it was time to go out on her own and work with clients her way. Esther joined a larger firm in 2008, but after 6 years, Esther decided that being an independent advisor was more her style and started STAR Financial Solutions.
Esther can be seen twice a month on The Suncoast View, where she educates viewers on investing, financial planning, and other related topics.
Esther has a passion for working with, and empowering women by helping them take control of their financial future so they can focus on what really matters and have confidence regarding their finances and retirement income.
