Mini Conference WIBF Scotland

Firstly, a huge thank you to RBC Brewin Dolphin for hosting our first of a kind WIBF mini conference in Scotland in collaboration with Scottish Financial Enterprise – GEN. Thanks also to our wonderful panel chairs: Marion Barlow and Anna Vaughan.

Anna Lane (Wisdom Council & WIBF CEO) opened the conference giving attendee’s an overview of WIBF and our core strategy, highlighting specifically the WIBF focus on Scotland, given Edinburgh is the second largest financial centre in the United Kingdom! Anna stressed that much more work needs to be done to ensure women have the same opportunities as their male counterparts. Anna encouraged everybody to read the FCA Thematic Review – understanding approaches to D&I in financial services.  The paper covers a variety of topics including how increased diversity leads to increased competitiveness and why it is important for organisations to reflect the society they serve.   Anna wrapped up her opening comments noting that there is a lot of talk…. and that more ACTION is needed.

Sandy Begbie (SFE CEO) then introduced Scottish Financial Enterprise and the great work they are doing across Scottish Financial services, including rolling out an education programme across Scottish schools (called Future Asset) to introduce them to Banking and the opportunities available at an early age.   Sandy also echoed Anna’s comments that much work still needs to be done within the Financial Services sector to improve diversity and inclusion, citing that only 12% of fund managers in the UK are female and that this number has flat-lined for 7 years.

Sandy echoed Anna comments regards more Action and that proactive steps need to be taken to illicit change, he emphasised there is a long way to go (referencing the 12% statistic) and that all senior leaders need to step up.  And it is not just about getting people into the industry but supporting them throughout their career.

As an Industry Trade Body, SFE needs to lead the way with the SFE Board now 50% women and a female Chair to be appointed shortly.

Panel 1: ‘Making the most of finances’ – chaired by Marion Barlow, with panel members Judith Henderson (RBC Brewin Dolphin), Karyn McMillan (Schroders Personal Wealth) and Jill Henderson (Scottish Widows).

This session was packed full of insights, many of which were highlighted in the Scottish Widows Pension Report :

• Women still tend to be the primary caregivers whether it be their parents or children, and this has a significant impact on their earnings and in turn, their pension. Did you know your husband/spouse can put into your pension when you aren’t working?
• We need to talk to our family, friends, colleagues and children about money – what have you got financially? Is it enough? If not, what can you do about it.
• We need to educate ourselves and as women put ourselves at the top of the ‘to do’ list particularly regards resiliency in personal finance. Take the time to educate yourself, use online free resources: HMRC, podcasts, social media platforms – female investing i.e. This Girl Talks Money
• 52% of ISA’s held by women, most of this is sitting in cash, as opposed to stocks and shares
• 23% of women claim not to be confidence enough re: investing versus 11% of men
• 44% of women are NOT savings enough
• 60% of wealth in 2025 will be held by women
• Only 16% of financial advisors in the UK are women – we need to change this!

Some top tips emerged during the Q&A with Judith Henderson encouraging all to explore the Benefits package provided by employers such as Critical Illness and Life Insurance. The panel discussed the misconception that investments are only for ‘wealthy people’ and that a good place to start is looking at low risk investments particularly given that holding cash is subject to de-valuation over time by inflation.

Panel 2: ‘encouraging women to invest’ – chaired by Anna Vaughan with panel members  Anna Lane (CEO Wisdom Council and WIBF), Niki McKenzie (Joint Managing Director at Archangel Investors Limited), Nicola Douglas (Executive Director at SNIB) and Gillian Fleming (Co-Founder & CEO Mint Ventures Angel Syndicate).

This panel focused predominantly on women investing and investing in female entrepreneurs. Exploring how to get involved and what impact women can have. Some key takeaways from this fantastic session:

• Gillian Fleming highlighted that over 70% of women make daily buying and budgeting decisions yet are less likely to make longer term investment decisions. Leaving Savings as cash is riskier to counter the effects of inflation. Investing in early stage start-ups gives the opportunity to use knowledge and small amounts of money to shape the future economy that they would like to see.
• Still only 3p in every £1 of investment goes to female founders and only 14% of women in the UK are angel investors, with only 1 in 5 companies in Scotland being female led, we need to change this!
• Scotland need diverse groups investing to reflect the customers we serve and to create more diverse thought with women particularly under-represented in the industry
• There is still the misconception that you need to be wealthy to make investments when this is not the case and you can start with small amounts of money. Invest in yourself as knowledge is power
• Join an ‘Angel Group’. Mint Ventures has 6 accredited online modules to become an angel investor. Typical deals range from £25k to £2k. UK Government schemes (SEIS or EIS) à if company is valid for EIS then you get ½ your investment back.
• Why not even explore crowdfunding initially as an option and see how you get on?
• The Authority Gap by Mary Ann Sieghart IS A MUST READ!

WIBF’s mini conference in Scotland was a great success, with fantastic attendance and great interaction from all attendees. Hopefully we’ll all contribute to changing some of the aforementioned statistics!