3 minute read
MONEY MATTERS
money matters BY CAROL LEONETTI DANNHAUSER
GIVING BACK PHILANTHROPY IN THE AGE OF COVID
Michele McCallion
While many folks here in lower Fairfield County hunkered at home during the peak of Covid-19, lamenting what was lost, others among us grieved the losses of others. “People lost their jobs. You saw the lines to get food. Food insecurity was a big theme. It wasn’t new, but it was much more potent,” says Michele McCallion, a private wealth adviser and senior vice president of wealth management at Polaris Wealth Management/UBS in Greenwich. to using their money “to change the world for the better.”
McCallion’s meetings with lower Fairfield County clients routinely include questions about “intentions” for wealth. Sure, clients hope to invest wisely and grow their riches. But what do they hope to accomplish with all that money? “It’s important to articulate not only the goals and objectives of your wealth, but also the values around your wealth,” she says.
Conversations about values are just as important in a financial plan, she adds, as conversations about liquidity (what are your needs in the next one to three years), longevity (how can you structure your wealth to last a lifetime), and legacy (how can you improve the lives of others, including those in future generations). Unfortunately, many advisers and families don’t mention values until a legacy conversation.
Although the focus on Covid-19 has waned, McCallion says that reframing—What do I need? versus What do I have?— has served as a catalyst for change, especially for women. The new mindset? What can I do with my resources to improve the lives of others? “With many of our clients,” she says, “their resources are wealth.”
McCallion’s findings stem from the UBS report “Own Your Worth 2022,” which surveyed 1,400 female clients earlier this year. Eighty-two percent of respondents said that Covid led them to reassess what’s important. Ninety-four percent reported donating money or time to a charitable cause. Millennial women put their money most where their causes were: 83 percent of millennials, versus 38 percent of female baby boomers, committed
Pre-Covid, it wasn’t unusual for children to be in the dark about a family’s charitable involvement; while parents went about their business of working and/or donating money and time, kids were in school or activities. But when Covid kept everyone at home, many children witnessed how their family helped others.
That practice can continue, says McCallion. She urges parents to talk with each other and with their children about values around wealth, and to meet kids where they are. Maybe the family can stock backpacks with food for the weekends for hungry schoolchildren, for example, or maybe they can feed homeless pets.
“We see families say to their next generation, ‘If you want to give to a pet rescue, why is that important to you? If you give $10, we’ll match $10.’ There are so many resources to help those less fortunate. It’s not limited to the $10 million donations.” G
WOMEN AND MONEY
Only 26 percent of married women “lead on financial decisions,” according to the UBS report, and half of the married women surveyed “defer to their spouse” altogether when it comes to money matters. Regardless of who’s making the decisions, McCallion says, “Everyone should know how much money they have, where it is, how to access it and where it is invested. Set aside time to have this conversation.” Then, ask questions, get resources and gather and share findings with other smart and curious women who want to learn more about finances and investing. Your financial adviser isn’t there to just hand over your report card on your investment performance. A good adviser is also a good educator.
