April 26, 2022

Building a Culture of Financial Confidence Among Women with Lauren Pearson

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Season 1

Statistically, most women are uncomfortable discussing money and lack confidence in making investment decisions. Too often, these result in lost opportunities for both financial growth and independence. As the majority of women are the financial head of their household, how can they overcome the barriers that prevent them from achieving their family’s financial goals?

In today’s episode, Tommy talks with Lauren Pearson, Managing Director of Somerset Advisory and Co-Founder of The Wealth Edit. She is a Certified Financial Planner and has designed and crafted hundreds of financial planning scenarios in her decade-plus career in wealth management. After years of drafting hundreds of plans for families, Lauren saw the need for women to have a space of their own to understand wealth outside the context of a traditional advisory relationship.

Lauren talks with Tommy about her journey to a career in financial planning, why a high percentage of women feel disconnected from their financial advisors, and how she empowers women to gain confidence and develop their own concepts about money.


Key Takeaways

  • [04:18] - How Lauren got into the wealth advisory space.
  • [08:34] - What Lauren did in pursuit of a career in financial planning.
  • [14:09] - Why a high percentage of women feel disconnected from their financial advisors.
  • [16:35] - How The Wealth Edit was founded.
  • [21:02] - The financial personality that best describes Lauren.
  • [23:05] - One of the most rewarding experiences Lauren had with The Wealth Edit community.
  • [30:31] - The best way to start feeling confident about money.


Quotes

[10:28] - "As a CFP, you have to take fiduciary responsibility. And that means putting your interests as the client ahead of my own interests." - Lauren Pearson

[13:02] - "95% of women end up as financial head of household and a good majority of those are underprepared. So, I wanted to make sure that our practice really served the needs of women." - Lauren Pearson

[26:35] - "It's never too late for a do-over. I think sometimes there's so much shame and self-consciousness around money, whether you have a bunch of money and you feel self-conscious about the fact that you have it or you're the first person in your family to have money and you maybe didn't learn the best money habits." - Lauren Pearson


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