“Start now and come to the table. Everyone wishes for a lot of things they could have done yesterday, but yesterday’s gone, so we have today. We have to come to the table and we have to own our finances. We’re the only ones who can take control.” - Maggie Nielsen.
In this episode, I spoke with Dr. Barbara Provost, founder of Purse Strings, and Maggie Nielsen, partner at Purse Strings about how women can become financially fearless. We also discussed why women can feel overlooked and how an advisor can transition from being a salesperson to being a trusted advisor.
Bio: Dr. Barbara Provost is a consultant, educator, advisor to the World Bank, and founder of Purse Strings. Maggie Nielsen is a partner at Purse Strings and is focused on empowering young women to be in the financial conversation. Purse Strings was designed to teach financial professionals how to reach, engage, and earn the female dollar.
“Start now and come to the table. Everyone wishes for a lot of things they could have done yesterday, but yesterday’s gone, so we have today. We have to come to the table and we have to own our finances. We’re the only ones who can take control.” - Maggie Nielsen.
In this episode, I spoke with Dr. Barbara Provost, founder of Purse Strings, and Maggie Nielsen, partner at Purse Strings about how women can become financially fearless. We also discussed why women can feel overlooked and how an advisor can transition from being a salesperson to being a trusted advisor.
Bio: Dr. Barbara Provost is a consultant, educator, advisor to the World Bank, and founder of Purse Strings. Maggie Nielsen is a partner at Purse Strings and is focused on empowering young women to be in the financial conversation. Purse Strings was designed to teach financial professionals how to reach, engage, and earn the female dollar.
Welcome to the Tony Stewart podcast, presented by paperwork. Be prepared for life.
Speaker 2:Welcome. I'm pleased to be joined today by Dr. Barbara provost and Maggie Nielsen. Barbara is a consultant educator and founder of purse strings Barbas, and also are also an advisor to the world bank. Maggie is a partner at purse strengths and is focused on empowering young women to be in the financial conversation. In this episode, we'll be discussing how women can become financially.
Speaker 3:Thank you for having us. Thank you for having us.
Speaker 2:Yeah, it's a, it's a real pleasure. I'm looking forward to learning more and introducing my audience to the work you're doing at first drinks. Um, so a great place to always get started is your origin stories. What are your origin stories?
Speaker 3:Sure. So as you stated, my background is I am a consultant in the insurance and financial industry because my background is I'm an adult educator, so I don't sell any financial products or services. I'm all about equipping professionals in the industry. How do I say be more confident and competent in the products that they sell? And during my 25 years of consulting in the industry, I could see where the female market was really being overlooked. I could see it in the sales process. I could see it in the marketing materials. I could see it in a lot of the different nuances that were, um, being trained and I was developing training for. So, uh, then about eight years ago, I was going through a divorce and navigating that divorce process. And I could see where women, um, either going through divorce or some of my friends who have lost their husbands were, um, really struggling with some financial foundations in their lives about could they afford to get divorced, uh, life insurance savings, all of those kinds of foundational elements that I thought most women at this point in their lives should know about. And that's where I launched into a conversation with Mandy. Do you want to take it from there? Mags? Sure.
Speaker 1:So of course, one day Barb is drying her hair
Speaker 2:And she told me to get my computer
Speaker 3:And just start writing all these notes in our head about, you know, how the financial industry was really missing the female market. And, you know, a lot of these females are underprepared and since she's an educator, you know, she had to fill that gap. Um, so we had a lot of adventures and focus groups and different things where, you know, we heard this common story among women,
Speaker 4:Um, have more of barbs age range and, um, the struggles they have gone through financially. But it was interesting then when I went to school and lived with, um, multiple different female roommates, hearing their financial story at a younger age, the way they kind of believed money, the way they were going about their student loans already accepting the debt that they had or their situations, or, you know, really having a positive outlook. And it was always interesting seeing those two comparisons.
Speaker 2:Fantastic. Um, you know, one of the words you mentioned Barb is, uh, confidence. Do you both feel that, uh, confidence on the part of consumers also comes into this? I know you were talking to Maggie about origins, uh, with your friends and college is, is confidence part of the equation.
Speaker 3:I definitely think confidence has a lot to do with everything that we approach. Um, and women often in the focus groups, like Maggie said, we facilitated, they lacked confidence, not all women, but many women felt as if, you know, we were not raised to talk about money. Money was kind of the full pot. You know, you just didn't have those conversations. You didn't ask people how much money they made or what they paid for things. Um, and I've heard this conversation a lot and also, and, and I think Maggie can speak to this as well. We kind of recreate what we've learned. So, uh, Maggie will, can share some observations of what she's learned working with me and her strengths and how it was so different than what some of her friends learned from their experiences.
Speaker 4:Definitely. I mean, there were, there are a lot of women who, you know, from their families, they never talked about money and already accepted that, you know, these loans and they're going to file for bankruptcy one day and then everything's going to be swipe, you know, a clean slate where, you know, I was always raised, uh, we were looking at different colleges and really assessed them by the budget already upfront and how much each school was, you know, how I'm going to pay monthly bills, you know, not every last dollar, but really taking that overall view and kind of looking at the outlook of when you graduate, these are going to be the loans. How are we going to go about taking care of those? How, you know, what kind of position would you get to pay those off? You know? And so it was very interesting, the different kinds of structures people had, um, with their family of the conversations or lack of conversations that were really there. Um, so it was just a very interesting different perspective from all these different women. And there was really every story in between.
Speaker 2:Yeah. Th that is amazing is you would think that, uh, as part of the educational system, that there'd be more of a focus on that, but, you know, everybody has their own money story. And part of it is because of how we were raised and how our families, uh, discuss money. So one of the things is per strengths, of course, uh, works, uh, with women, uh, and given that women make up over 50% of the U S population, why do you feel that they are overlooked?
Speaker 3:Uh it's so it's not so much what I feel is what I've observed, but also I did commission, a research researcher who did a deep dive into the data because I wanted to really see what's really happening in the world. And it's very evident that women are making less money on the dollar. Um, women like Maggie are carrying a lot more student debt because women are returning to school and getting higher education yet when they enter the workforce, if they're not paid on a dollar on dollar, that they cannot pay down the student debt as much, um, there's even data out there that when women single women, um, sell their homes, the value is less than when a man sells their home. So it's hits women in so many different areas, but also in the conversations we've had with women. So many tell me when I meet with a financial professional, they don't even look at me or when they ask questions, they tell me things like, don't worry about that, or don't worry about that, honey. Um, and so they've been very dismissed. And so there's a huge lack of trust. In fact, one of the most prominent studies that I looked at from the Boston consulting group did an evaluation of all the different, you know, places, women spend their money and they, and it said that the insurance and financial institutions, when they award as being the least sympathetic to limit, they've just overlooked them or for far too on the opposite side of that is we've found that women are woefully under prepared for their financial future. So there was a big deep divide between those financial institutions that really have the products and services that women need. And women's confidence as we talked about earlier to approach those conversations.
Speaker 2:Yeah. And I guess the other part too, that always boggles my mind is in our, when Becker points this out is, you know, that women are not a niche. Is women control a greater percentage of the wealth in the country. Uh, you know, I, I don't get it. Uh, what, why do you think that, uh, the financial services industry, you know, does it consider swimming and niche rather than, you know, part of the marketplace?
Speaker 3:Yeah, we see this far too often, um, you know, my mother with, uh, women are not a niche market. They are your market because like you said, they do make 95% of the purchasing decisions in the household. And that's a fact, however, I think the industry is slow to change. I think that they are slow to really see the changes that are happening outside in the industry, but the number of women who are climbing to the tops of, uh, uh, you know, industries as well as in places where women weren't before, I mean, we've seen a female kicker. Um, the football team at Vanderbelt, we've seen ribbon are now managing football teams. Um, the, the floor Florida Marlins, and we've seen, uh, lots of women who are now taking these more prominent positions, uh, were, were, men were only, um, accepted for the most part. So they really are slow to change. And, um, I've been heating this message for a long, long time that, um, if they don't pivot, uh, you know, they could end up with the likes of blockbuster who didn't think streaming was a thing and they're out of business. So there's going to be a big question. There is already for women and to really speak with their money, but with their money, as I say, the relate with me now, have you ever felt their flight?
Speaker 2:So I, I think that raises an interesting point, Barb, uh, you know, that w we need to start thinking about this in a different way, and that the insurance and financial services industry is definitely behind the curve, uh, on growing. But then again, I work with insurance companies and they still use fax machines. So
Speaker 3:Therein lies the problem. They need to really look down outside their industry and see all the changes that are happening in the marketplace
Speaker 2:A hundred percent, a hundred percent, you know? So one of the things that you talk about is advisers transitioning and how they work. So how can a, I'm having trouble today with my questions is how can it advise or transition from being a sales person to being an indispensable advisor?
Speaker 3:Yes, that's an excellent question and very needed. Um, and what I see even today, and I've heard this a lot in women who enter the industry, say they keep teaching me this process where it's one meeting, make a sale and move on. So it's very transactional and very feels very transactional. And women have said I had to leave because I wasn't hitting my quotas or whatever the marks are that they are, you know, that at against, and I didn't feel right to me the way that I was being trained. So, so much of the industry is kind of selling this transactional sales process and get the products sold where women don't purchase that way. Women, um, think about financial products and services, not about a product or service, but protection and the impacts
Speaker 4:To their family. Um, and that's really, really important. And it's about relationship building. Do I trust this person that I'm doing business with? Is this a person that I would hand over$50,000, a hundred thousand dollars, my life savings, um, or how do I know they're going to be making the best decisions on my behalf, if they don't even know who I am, they don't know the names of my children. They don't know what kind of work I do.
Speaker 2:So I think that's really interesting and you're really hitting on it. Um, that, that, it's how the industry, I think, does their product training. And I think that's why the industry struggles sometimes with, uh, some of the products and services and with its reputation is because it's transactional based rather than solving a problem for people. And I think women are especially, maybe it's because women are used to having so many different things to solve, uh, that, that maybe that's part of it that women, you know, want to cut to the chase and find out, you know, how is this going to solve the problem, uh, that I'm looking for?
Speaker 4:I would say that's, I would say, that's very true. And we want a problem solved, and we gather all this information, but we don't make the decision right then and there. And so a lot of people you leave and they just call it a loss sale where we're just thinking about it and chances are, you know, we'll come back with a couple more questions and do willing and ready to buy a product. But since we didn't buy it day one, and we laughed, a lot of people are just kind of throw you off and say, that's a loss sale. And so it's a lot about that relationship building and just how we purchase differently. And, um, we take a little bit more time to think about it, cause it's not just an ROI, but it's will this support my family, if anything were to happen, you know, that's really, our first thought is supporting all their, supporting the family. Cause we are always that safety.
Speaker 2:Fantastic. I mean, I think that's so important, um, for people who are listening is to think about that as a difference is to retaining clients, uh, to developing a relationship that it, well, it is all about a relationship. It's not just that one step in that, you know, asking those questions while I help you as a consumer get the right product. And I think that's so important. Um, so, you know, I think this leads us very well into the next question. Is Barb, what inspired you to start purse strings?
Speaker 4:Well, a lot of my observation, um, and I tell this story a lot, you know, when I was in target one day and the woman who was at the checkout
Speaker 3:And bagging, my groceries was of retirement age. And I thought, I, I, you know, I wanted to take her hand and say, do you really love doing this work? Or do you have to do this work? And then I could I read this great article in the Atlantic, which really validated that women of retirement age often have to, uh, you know, put some, a little part-time jobs together to help pay their bills. And I thought, why is this happening to women? What is the issue again?
Speaker 2:So Mackie, uh, you know, as you graduated from college and everything, uh, what made you decide to get involved with purse strings?
Speaker 4:Yeah, well, um, I have been with purse strings since the start. Um, since Barb was actually my mom, um, we've always been having these conversations through dog walks through dinners, um, and everything else. So when I did go to school, I was definitely less involved, but after, um, I finished up my MBA and COVID hit, it was a perfect opportunity for me to really jump in and work on purse strings full time, um, because I really did have the passion of, and I still do of, you know, educating these women. And I really do want them to all have these amazing retirements that we dream up, but no one has really taught us how to get there. Um, so I work on first strings and run all of our technology and all that fun stuff. Um, but I really focus on getting more of my target market or of women, my age group, um, to come to the table and to come to first strings and use the first strings of proof providers, ask their questions and make them feel financially fearless, because it's a pretty good feeling when, uh, you add it all under control,
Speaker 2:Definitely. And money plays such an important part, uh, across all spectrums of our life, that, that financial fearlessness, that confidence is so important. And you mentioned a purse strings approved professionals, and I think that's such an important thing for people is because there are so many financial advisors and planners and insurance agents that across that spectrum that it's so important. So, um, can you tell us a little bit about what is a purse strings approved professional?
Speaker 4:Of course. So first strings approved professionals are, um, different financial professionals where all things finance. So, um, attorneys, lawyers, um, money coaches, you know, and everything in between who have really been trained and embedded by purse strings, um, that they will earn the female dollar. It's not about a quick and easy sale. No one's reaching across the table and holding your hand saying, just trust me, honey, they will answer your questions. They will, um, give you time to think it, they will give you options and really assess. And, um, and your family's needs, you know, on all the bringing in all the different variables of age and family and everything else. Um, there are people that we would suggest to our girlfriends, to our sisters, to our aunts or uncles or any other female, you know, it's not just like, Oh, that's the guy that my brother-in-law told me to use. You know, these are people who are really support you and be part of your, um, financial team.
Speaker 2:So Barb, as we're talking about it, um, can you tell us from your perspective about the importance and why you created the purse strings approved professional?
Speaker 5:Sure. Uh, the reason that we created a certification for purse strings approved professionals is because we wanted to allow women to see some kind of designation or way or a logo that shows that that professional has been trained and vetted and really knows how to serve a female market. You know, right now there's so many different designations after everyone's name and their, all the different tests that they've taken in an awards or they've won or whatever, which are all very, very important. But how do they know that that person is really going to put their best, um, intentions front and center for their female consumer, because today that's not happening and women can't discern unless they interview several people, which we also recommend, um, really, if they're going to relate this way, we cut right to the chase. We have a whole cadre list of, uh, professionals of everything, financial, uh, where they can come and they know that these folks have been, um, approved and they're top of the top tier professionals.
Speaker 2:Well, I think that's so important because I think people are going to be more likely to follow the advice and have a better relationship with somebody that they can identify with. Is that part of it?
Speaker 5:Of course. And some people say, well, is it because women only want to work with women? That's not necessarily true. Women want to work with those professionals who, um, are professional at their, at their, um, expertise and are really just going to create an atmosphere where they can ask questions where they're listened to, where if they have, um, a question the phone is picked up or they're responded to immediately. And they know that this person is part of their financial team. So it doesn't mean that women only want to work with women. So some women might, but other women have no preference. It's about the relationship.
Speaker 2:Right. And I think that's the key right there. It's the relationship and probably the shared values that are much more important than the designation.
Speaker 5:Right? Exactly. The designation just shows you, Oh, they've been that it's I kind of liken it to like the UL, you know, when we see on our light bulb DUL, we know that that's been tufted and it's safe. And so we know we can use it.
Speaker 2:Well, I think we could go down another path with some of the tests that the sense, but that's another discussion. So anyway, you know, uh, as my, this is my big wrap-up question is, uh, for each of you, is can you share with us, what is your number one tip on financial preparedness
Speaker 5:For women,
Speaker 2:For women, for anybody?
Speaker 4:Um, I think we would say start now and come to the table. Um, you know, everyone wishes a lot of things that could have done yesterday, but yesterday it's gone. So we have today, uh, we have to come to the table and we have to own our finances or really own any part of our story that, um, in our life, we're only the ones who can take control. We don't want to leave anything else in anybody else's hands, as much as you trust him, there's still a lot of things that you have to have a hold on personally. And so it's about coming to the table. You might, I mean, you're going to learn a lot of things. You might feel uncomfortable at points just because you're learning so much. Um, but it's all really good growth. And, um, it's really important just to take care of yourself. Um, you know, we work a lot, especially women on health and our looks and, you know, so we look good forever, but we want our finances to look good for other as well. And it's a, you know, a thing where it's not, you know, you don't work at once and everything's done and, you know, you always have to keep working on it, um, at different parts of your lifetime, it's definitely harder. Um, but you have to keep working on it and you'll really realize the results. Um, yeah, I think that would be our advice.
Speaker 2:Yeah.
Speaker 5:Yeah. And I have to echo that as well, because we've seen too many women who have not really made, um, those good choices or have, have feared the money discussion. And it's really, they've lost, um, hundreds of thousands of dollars because of it. And, um, it's impacted their lifestyle. So no more of that now with purse strings.
Speaker 2:Well, that's fantastic. Um, you know, I think it's so important to start now, but I think which you mentioned is women have been disproportionately affected by some of these things in the financial services marketplace. That it's definitely, I don't know if it's a rig game, perhaps. I, I mean, you may have a perspective on that. Uh, you felt rigged to some aspect with women and men.
Speaker 5:Um, you mean read it? I don't think it's read. I just think it's, um, I just think it's an old school mindset that, um, the earns the money and the woman takes care of the children and that's so wrong these days and the processes and procedures that they have used to identify that way of working have totally been changed and they don't work anymore. The one, uh, the one meeting, you know, sale doesn't work anymore. Um, women, uh, are earning a lot of their own money and climbing the ladder and out educating men right now. Um, and it comes through in finance and it comes through in the nuance in many, many ways. Um, you know, where even I've had workmen in my house who I've sitting in the same room and they're fixing something and they will leave the room to go talk to my husband about the concern they have and I'm sitting right there. So it, you know, when I say something like that, women go, Oh yeah, that happened to me yesterday. And they tell me their story. So it's just an awareness that, um, the role of women have changed. And, um, they make a lot of the financial decisions in the household and all of this has to be recognized and the industry, uh, those who know about it and really know how to serve women, their purse strings approved. And those are the ones that are really going to be successful and grow their business.
Speaker 2:Fantastic. And I think that's probably the key point we're in a different world. Things have changed and things are changing. Um, so thank you both so much for joining me today. Uh, can you tell us, uh, you know, an outpost you're out to purse strings, but how people can learn more about you and the work that you do?
Speaker 4:Yeah, of course. Um, our website is purse strings dot C O. Um, you can find us also on Facebook, Instagram, LinkedIn, Pinterest, all that good stuff. Um, at purse strings CEO, and we'd also love, um, all our women to join our purse strings Facebook page, which is purse strings for financially fearless women. Um, and we have consistent education on there, um, done by professionals, one tidbit at a time. So nothing's overwhelming. It's a safe spot to ask questions, to get advice and to really be part of this warm community that's gonna support you and cheer you on through, um, your financial journey.
Speaker 2:And I think the other thing is, um, Barb, can you hit it just a little bit on the guides on your website? I think those are incredibly valuable.
Speaker 5:Sure. So our goal is always to put, um, tools and resources in the hands of women, 24 seven. So anytime they're thinking about, let's say they want to buy a car and they know they need auto insurance, but they have no idea about auto insurance. We have what's called life and money guides on our site that they can just go to. And they're the basic foundational, you know, concerns that you might want to look at. If you're buying a house and need house insurance, if you're buying a car, need auto insurance, if you want to know how to start a budget, if you, you know, want to know what you need to do to plan for retirement, they're just the foundational elements to get people thinking goes over terminology. We have some scenarios in there that they can work through and they will leave. Um, after having that be more confident, they have go have those conversations with financial professionals and with lots of other resources to ask an expert. So the top questions that are always asked about experts are already answered for you on the site. If there's still a question out there that you still want, there's a form to submit it to us. Or you can just click on any one of our persons approved professionals and they'll answer it for you.
Speaker 2:That's fantastic. Well, thank you both so much for joining me on the get ready podcast. I really appreciate your time and knowledge.
Speaker 5:Yeah. We're glad to be here and share the purse strings mission. Thank you so much, Tony. It's been great. Yeah.
Speaker 2:Yeah. It's been a fantastic conversation and, uh, far for listeners. Thank you for tuning in and please remember to subscribe and until next time.