Head of Private Wealth Management
Cornell Meeks is the experienced Head of Private Wealth Management at Nedbank Namibia. Cornell’s experience and skills have seen her work in various senior positions within the banking and wealth management sector for over 20 years. She has a proven track record in successfully starting up new business units and has a keen eye for detail when it comes to analysing deals and structuring credit. Her people orientated nature ensures that he is able to manage teams effectively while maintaining positive customer relationships.
Why empowering the new wave of female wealth is crucial in Namibia
Since 1990 there has been a rise in the number of women entering the workforce, including the number of women pursuing various employment opportunities and starting their own businesses to make money and amass wealth. According to a report by BCG, women control 32% of the worlds’ wealth and that share is likely to grow significantly in the years ahead.
Women have become a sizable economic force, internationally, but also locally. They are increasing their wealth faster than before and outpacing the growth of the wealth market overall. However, women may continue facing challenges in wealth creation and management because of factors such as the gender pay gap that affects income and savings, the need for flexible working conditions that may limit career opportunities, the impact of maternity leave on earnings and retirement savings, a longer life expectancy that requires more financial planning, a lower risk tolerance that may affect investment decisions as well as the lack of tailored offerings from financial institutions and advisors.
Although women’s economic participation shows immense growth, challenges are stifling the potential for women to significantly boost the worldwide GDP. Additionally, progress towards gender equality has been severely impacted by the pandemic.
A study conducted by McKinsey shows that financial institutions rely on broad assumptions about what women are looking for, resulting in products, services and messaging that can feel superficial. Financial institutions as well as wealth managers can turn around their approach by recognizing that the women’s segment is a massive business opportunity and by personalizing their approach to meet specific needs and priorities of individual clients.
At Nedbank Private Wealth, for instance, it offers family banking services. The bank understands that dealing with different bank officials is an inconvenience and therefore clients have a single person contact for all their banking needs. The parents and children deal with the same person at Nedbank despite their required products and services.
Despite challenges, many female entrepreneurs in Namibia have a positive outlook and a strong desire to succeed. They also have the potential to benefit from growing opportunities in sectors such as tourism, agriculture and technology. Namibian women can be encouraged to grow their wealth and financial knowledge by participating in financial education programmes, using platforms for networking and mentoring as well as following a female role model that encourages entrepreneurial aspirations and initiatives.
From rich to wealthy
One way in which women can grow their wealth, is to review and evaluate their own views and perceptions about money and wealth. Sometimes one has limiting beliefs or conscious and unconscious biases about money and wealth.
It is important to have a positive relationship with money and see it for what it really is – a tool to get us what we need and want. What does it truly mean to be rich versus wealthy? It is a mindset. However, you do not become wealthy overnight.
A wealth mentality is about having a surplus of resources and using that surplus to accelerate things like education, business, or next generations. It revolves around creating systems that generate value on their own, building trust-based relationships, and learning constantly. It is about understanding that a wealthy lifestyle allows us to pursue our passions, living not just from paycheck to paycheck, but with a sustainable, long-term financial plan.
So, how does one transition from a ‘rich’ to a ‘wealthy’ mindset? Here are key steps:
1. Develop a financial plan: This involves setting goals and planning actions accordingly. Engage with a wealth manager or financial advisor to gain insights tailored to your financial health.
2. Live within your means: Wealthy people live within or below their means, avoiding the trap of living a lavish lifestyle that only leads to financial instability in the long run.
3. Avoid or reduce debt: One of the significant steps towards embracing a wealthy mindset is achieving financial independence. This often involves reducing or entirely eliminating any outstanding debts.
4. Save excess money: Resist the urge to spend your surplus on short-term gratifications. Instead, save this money for future investments or emergencies.
5. Invest wisely: The investments you make today could greatly determine your financial future. Consistently invest and diversify your investments to manage risk effectively.
6. Re-educate yourself on finances: Utilize resources like Nedbank’s Money Edge, TEDTalks, podcasts, and books to increase your financial literacy and shift your mindset.
7. Rethink your mindset: Cultivate a perspective that encourages financial growth and abundance. Always remember that a wealthy lifestyle allows you to pursue your passions and live free from financial constraints.
Nedbank Private Wealth prioritises meeting the expanding financial requirements of women. Ensuring women’s financial success through tailored wealth management services and a strong commitment to financial awareness lies at the core of our approach. We stand ready to empower a new wave of growing female wealth in our country.
