Financial advisers need to help their female clients reduce individual money shame and to empower them personally and professionally when it comes to finances, a leading wealth psychology expert said.
"We live in a society that is plagued by money taboos — the idea that it's not nice or necessary to talk about money, and I call that 'money silence,'" said Kathleen Burns Kingsbury, founder of KBK Wealth Connection, at the InvestmentNews Women Adviser Summit in Boston on Tuesday.
Losing that discomfort and shame that many women have when it comes to talking about personal finance can help close the gender wage gap and propel more women toward financial fitness, she said. And financial advisers have an important role in making that happen.
"It's a great time with the #Me Too movement to be looking at how taking care of ourselves and standing up against abuse in a variety of different ways also transfers to our field of finance," Ms. Kingsbury said. "The reality is that we have power and our clients have power."
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