The ongoing stagnation of females entering the finance industry has inspired local entrepreneur, financial advisor, author and philanthropist Helen “Cokie” Cox to embolden fellow women to break into male-dominated business sectors.
With a conservatively projected $30 million transfer of wealth into the hands of women over the next seven to 10 years on the horizon, the preference of these beneficiaries to work with same-sex finance professionals will be on the rise, according to Cox.
At the moment, however, there aren’t nearly enough female financiers to satisfy that need. In fact, Carsongroup.com indicates that women make up 23.7 percent of financial planners — an increase of 0.2 percent over the past decade.
Cox recalled looking around recently while at the largest Wealth Management Conference in the world, and seeing female professionals comprise 20 percent of the attendees.
“They don’t have choices,” she said of prospective clients — both men and women — requiring a woman’s investing acumen. “I haven’t Googled recently, you know, here in South Carolina, “financial advisor.” But should we, I’d be surprised if 25 percent were women. That may not be true anymore, and I hope that it’s not, but I want to see that number growing and changing.”
Cox highlighted the case of a mother who is coming off a divorce and couldn’t find a woman financier to guide her through deciding how much alimony or child support she should be receiving; or if, more specifically, she should be getting payments upfront or in deferred QDROs (Qualified Domestic Relations Order).
For every Kate Nevin, who is managing people’s portfolios at TSWII Capitol Advisors, Cox continued, there are scores of other women who aren’t even majoring in finance. And some who do are forced to put their careers on the backburner when they start building a family.
“In the same vein of women being comfortable working with women, I think men are more comfortable working with men — if we want to keep things simple and clean.”
The divorced mother of two girls referenced a book titled The XX Edge: Unlocking Higher Returns and Lower Risk as a resource featuring data stating that women are outperforming their male counterparts in finance.
She went on to remark how diverse teams, composed of 51 percent women, are achieving greater success than all-male White teams.
As for identifying the unique skills that women offer, Cox mentioned that they are more risk aware than men and more detail oriented.
The Charleston-born and Mount Pleasant-raised financial samurai has herself authored a book titled Perfect Day, which shares her passion for entrepreneurship. Her publication helps readers navigate decisions, such as negotiating a car lease or how to secure financing for your first home.
Perfect Day shares simple steps and strategies to help carve a path to a life of purpose and freedom.
In addition, Cox owns Alphavest, an all-women financial services firm specializing in supporting the cultivation of a better work-life balance. She also spearheads Investing in Women, a Charleston-based group that educates, empowers and recruits female investors and advisors.
The industry pioneer is aware that some women may not share her passion and enthusiasm for finance, but she still seeks ways to help them conquer their fears through her nonprofit, She Climbs.
Cox, herself an avid alpine adventurer, often organizes women-only summits to Kilimanjaro as a vehicle to show others that if they can scale tall mountains, they can overcome just about any form of adversity.
Similarly, the finance force of nature is raising money for improved healthcare access and enhanced cancer screenings by scaling Mount Everest. To that end, the MUSC Hollings Cancer Center board member previously raised $1 million through one of her climbing excursions to fund a mobile health unit for rural towns in South Carolina.
And when Cox isn’t doling out financial advice or hoisting herself up towering mountains, she owns and operates a goat farm (Bedaw Farms) in Awendaw.
“It absolutely gives me fulfillment outside of finance. I mean, I just birthed three kids last night,” she recounted.
The resident goats produce Grade A raw milk that a growing number of people are clamoring for due to its health benefits.
Helping her run the farm are her daughters and parents, who also reside at Bedaw.
Exposing her children to farm life, Cox observed, has taught them how to take care of something else other than themselves.
When communicating with young women in their teens or twenties, the Clemson grad imparts that life isn’t all about money. The true measure of success, she surmised, is being self-sufficient.
“When I was 8, my mother looked at me. We had a farm tragedy of sorts that sort of left her single momming. And she looked at me and said: ‘Don’t count on anyone to take care of you.’”
Cox invites all women to sign up for her next Kilimanjaro climb in December by emailing [email protected].
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