As Head of Investments at Barclays Private Bank Monaco, and with a keen focus on helping women invest, Valerie Genin is an expert source of financial advice for women in Monaco.
She is also a familiar speaker at the Women of Monaco Lunch and various female-focussed events that aim to empower women with the financial knowledge to make key investment and wealth management decisions within their families and businesses.
At the core of Valerie’s mission, and that of Barclays Private Bank, is to include women in the conversation, something which is not only appreciated by Monaco’s diverse community of women, but is now considered essential.
Monaco Life: You are a regular speaker at events like the Women of Monaco Lunch. Why does Barclays actively participate in events like this?
Valerie Genin: We are interested in fostering an interest in finance among women, which we already see in our clients. More and more women are making decisions on behalf of their families and husbands about wealth and investments. We aim to support and engage with these women.
Do you agree that there has been a shift in how much control women have in household finances over the past decade or so?
It is true. Women were always interested, but now more husbands are delegating financial decisions to their wives. Some of our male clients are busy entrepreneurs who value their wives’ support in investment decisions and wealth allocation. It’s nice to see this shift and women being empowered within the family to make decisions. We assist in discussions between couples and families. This shift takes time and didn’t happen overnight, but we are keen on supporting it.
Do entrepreneurial women appreciate these discussions on finance also?
What women are really appreciating, not just in the Principality, but on a much wider scale, is that we’re engaging them in this conversation. We have some very sophisticated female client entrepreneurs in Monaco and they are keen to hold the cards in their hands, and be involved in topics of finance, investing and wealth allocation.
We hosted an event earlier this year for the female audience on the topics of business, the race to space, geopolitics and a bumper year for elections. Afterwards, many of these female attendees thanked us, saying that they appreciated the opportunity to be part of the conversation, as they are very keen on exchanging ideas and debating these topics.
So, I think it’s that inclusion from Barclays Private Bank that is really being welcomed here by such a vibrant, diverse community of women.
Do you tailor the financial advice that you give to women? Does it need to be tailored?
The investment advice we give is the same for women and men. However, the support we provide to women who are learning about investments, asset classes, equities, bonds, etc. is tailored.
Firstly, having diversity among the Barclays Private Bank team that engage with female clients is important because it builds trust; we purposely have strong diversity at senior levels. Discussing finance woman-to-woman can be different and perhaps more effective, depending on the client.
Women tend to allocate a certain amount of time to investment decisions and aim to do it well. Often they want to understand the logistics before feeling confident about their choices.
How do you make the complex world of finance accessible to women?
Although investment products can be complex and technical, they should ultimately be simple to understand. If the philosophy isn’t straightforward, something is wrong. Wealth should be allocated with clear intentions, which are often simple, such as paying living expenses, supporting a lifestyle, or leaving money for grandchildren. We address these intentions simply and provide the necessary resources for implementation.
What should women keep in mind when securing their financial futures?
Women should focus on their wealth intentions. This is our approach, regardless of gender. Simplifying decisions into ‘buckets’ helps. For example, a bucket for short-term needs like school fees, another for lifestyle support over five years to beat inflation, and a long-term bucket for over 10 years for family and philanthropy. These buckets help in implementing and populating portfolios with appropriate investment actions.
Can financial advice be as simple or as complex as one likes?
Absolutely. We cater to various preferences, from full delegation to active involvement. Some clients enjoy tracking financial markets and discussing them with us, while others prefer delegating to our experts.
What investment trends are you seeing at the moment?
Artificial Intelligence is a significant trend, with women showing great interest. Security, including cybersecurity and food security, is another trend; this reflects societal shifts. Sustainability is also crucial, with discussions around impact, implementation, and returns on sustainable investments.
We conduct meetings where women can exchange ideas on these kind of topics with experts.
Do women tend to make socially responsible investments?
It is very client-dependent. Younger generations, including sons and daughters, show keen interest in socially responsible investments, and this can influence their parents. Women can lean towards more conservative instincts, focusing on family security and long-term planning, but this isn’t the case across the board. Education is vital to balance wealth growth and risk exposure.
What common financial challenges do women face and how can they overcome them?
Broadly speaking, women generally seek security in their assets, preferring liquidity, while men may engage in riskier investments. Over time, as relationships with advisors evolve, these preferences adjust. Initially, there may be differences, but eventually, investment strategies become aligned regardless of gender.
What investment trends are relevant now?
Given the current market conditions with richly valued US equities, US elections looming, and potential volatility ahead, we see opportunities in defensive sectors like consumer staples and utilities. On a tactical basis, European and UK equities currently offer interesting entry points in terms of valuation compared to US equities, and deliver attractive dividend yields.
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Photo courtesy 5 Stars Events