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Women could fall behind in the $124 trillion Great Wealth Transfer because of the ‘confidence gap’ in financial planning, experts say

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America is anticipating the greatest personal finance shift in history: During the next 23 years, an inconceivable $124 trillion will be transferred from baby boomers and older generations to heirs, widows, and charities. 

The dramatic shift is called the Great Wealth Transfer, and women are set to get the majority (70%) of that inheritance, according to Bank of America. While that may sound like welcome news, women could fall behind in the $124 trillion Great Wealth Transfer because of poor financial planning, several finance experts said at the Fortune Most Powerful Women Summit in Washington, D.C., on Tuesday.

Karla D’Alleva Valas, head of private wealth management and executive services at Fidelity Investments, questioned a room of attendees during a session called “Legacy in Motion: Empowering Women Through the Great Wealth Transition” whether they thought that because they are a high earner, they automatically have financial freedom. Fidelity Investments is one of the world’s largest asset managers and the largest privately held financial firm in the U.S.

“That’s a myth,” D’Alleva Valas said. “True financial freedom comes not only from confidence in earning the money, but more importantly, it comes from having a clear and adaptable financial plan.”

D’Alleva Valas calls this the “confidence gap” in financial planning between men and women.

A March 2025 study from JPMorgan shows about 60% of men said they take the lead on long‑term financial plans, compared with roughly 25% of women. Considering the $124 trillion Great Wealth Transfer, more women need to focus on financial planning. D’Alleva Valas said the biggest barrier for women, though, isn’t a lack of knowledge. Rather, it’s a lack of confidence to take an active role in growing investments. 

Consider the psychological barriers women were raised with, said Jean Chatzky, CEO of  budgeting, investing, and financial planning media company HerMoney Media

“We all have a money story, and it’s not what we were taught as young women,” Chatzky said. “It’s what we heard, it’s what we absorbed.”

Plus, women face unique challenges such as caregiving responsibilities, longer lifespans, greater health care costs, and pay inequity, each of which impact their confidence in financial planning, according to the panelists. 

From left: Fortune’s Ellie Austin; Karla D’Alleva Valas of Fidelity Investments; Jean Chatzky of HerMoney Media; and Connie Collingsworth, former COO of the Gates Foundation.

Melissa Flynn—Fortune

“Men have been raised to believe that they should be taking care of their families,” Chatzky said. And when that balance isn’t functioning the way expectations set that up—i.e., if the woman is the breadwinner of the home—women who earn more money still do more work around the house, she added. 

Early financial planning can also help avoid major roadblocks during crises later on in life, D’Alleva Valas said. 

“Everyone’s at least just one life event away from needing a financial advisor or needing a financial planner,” she said. “You don’t want to be in the middle of a massive event—whether it’s a death, maybe a divorce, a sick child—that you have to plan for. You don’t want to be in the throes of it.”

Role-modeling financial planning 

One way women can close the confidence gap is to start talking to their daughters at a younger age about financial planning, panelists emphasized. 

Just like women who take on positions of power demonstrate how to break the glass ceiling, said Connie Collingsworth, former COO and chief legal officer of the Gates Foundation, women need to do the same when it comes to financial planning. 

“[If] we show [our daughters], and we talk to them about these issues, I think they will have a sea change,” Collingsworth said. “They want to listen. They want to be like the women that have independence and the power that comes from knowing what your plans are. The key to all of this really is intentional.”

At the same time, Collingsworth said, it’s important to limit accessible funds to children so those funds don’t get abused. It’s critical for the children of wealthy parents to work, and for trust funds to not be available until they’re about 35 to 40 years old.

“[Your children] see how you spend. They see what your jobs are,” Collingsworth said. “They are watching us all the time.”



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49-year-old Democrat who owns a gourmet olive oil store swipes another historically Republican district from Trump and Republicans

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Democrat Eric Gisler claimed an upset victory Tuesday in a special election in a historically Republican Georgia state House district.

Gisler said he was the winner of the contest, in which he was leading Republican Mack “Dutch” Guest by about 200 votes out of more than 11,000 in final unofficial returns.

Robert Sinners, a spokesperson with the secretary of state’s office, said there could be a few provisional ballots left before the tally is finalized.

“I think we had the right message for the time,” Gisler told The Associated Press in a phone interview. He credited his win to Democratic enthusiasm but also said some Republicans were looking for a change.

“A lot of what I would call traditional conservatives held their nose and voted Republican last year on the promise of low prices and whatever else they were selling,” Gisler said. “But they hadn’t received that.”

Guest did not immediately respond to a text message seeking comment late Tuesday.

Democrats have seen a number of electoral successes in 2025 as the party’s voters have been eager to express dissatisfaction with Republican President Donald Trump.

In Georgia in November, they romped to two blowouts in statewide special elections for the Public Service Commission, unseating two incumbent Republicans in campaigns driven by discontent over rising electricity costs.

Nationwide, Democrats won governor’s races by broad margins in Virginia and New Jersey. On Tuesday a Democrat defeated a Trump-endorsed Republican in the officially nonpartisan race for Miami mayor, becoming the first from his party to win the post in nearly 30 years.

Democrats have also performed strongly in some races they lost, such as a Tennessee U.S. House race last week and a Georgia state Senate race in September.

Republicans remain firmly in control of the Georgia House, but their majority is likely fall to 99-81 when lawmakers return in January. Also Tuesday, voters in a second, heavily Republican district in Atlanta’s northwest suburbs sent Republican Bill Fincher and Democrat Scott Sanders to a Jan. 6 runoff to fill a vacancy created when Rep. Mandi Ballinger died.

The GOP majority is down from 119 Republicans in 2015. It would be the first time the GOP holds fewer than 100 seats in the lower chamber since 2005, when they won control for the first time since Reconstruction.

The race between Gisler and Guest in House District 121 in the Athens area northeast of Atlanta was held to replace Republican Marcus Wiedower, who was in the seat since 2018 but resigned in the middle of this term to focus on business interests.

Most of the district is in Oconee County, a Republican suburb of Athens, reaching into heavily Democratic Athens-Clarke County. Republicans gerrymandered Athens-Clarke to include one strongly Democratic district, parceling out the rest of the county into three seats intended to be Republican.

Gisler ran against Wiedower in 2024, losing 61% to 39%. This year was Guest’s first time running for office.

A Democrat briefly won control of the district in a 2017 special election but lost to Wiedower in 2018.

Gisler, a 49-year-old Watkinsville resident, works for an insurance technology company and owns a gourmet olive oil store. He campaigned on improving health care, increasing affordability and reinvesting Georgia’s surplus funds

Guest is the president of a trucking company and touted his community ties, promising to improve public safety and cut taxes. He was endorsed by Republican Gov. Brian Kemp, an Athens native, and raised far more in campaign contributions than Gisler.



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Rivian CEO says it’s a misconception EVs are politicized, with a 50-50 party split among R1 buyers

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If Rivian’s sales are any indication, owning an electric vehicle isn’t such a partisan issue, despite President Donald Trump’s rollbacks of mandates, incentives, and targets for EVs.

At the Fortune Brainstorm AI conference in San Francisco on Tuesday, Rivian CEO RJ Scaringe said it’s a misconception that electrification is politicized, explaining that most customers buy a product based on how it fits their needs, not their ideology. The questions car buyers ask, he said, are the same whether they’re purchasing one with an internal-combustion engine or a battery: “Is it exciting? Are you attracted to the product? Does it draw you in? Does the brand positioning resonate with you? Do the features answer needs that you have?”

Buyers of Rivian’s R1 electric SUV are split roughly 50-50 between Republicans and Democrats, Scaringe told Fortune’s Andrew Nusca. “I think that’s extraordinarily powerful news for us to recognize—that this isn’t just left-leaning buyers,” he added. “These are people that are saying, ‘I like the idea of this product, I’m excited about it.’ And this is thousands and thousands of customers. This is statistically relevant information.”

Buying an EV was once an indication of left-leaning politics, but the politics got scrambled after Tesla CEO Elon Musk became the top Republican donor and a close adviser to Trump. That drew some new customers to Tesla, and turned off a lot of progressive EV buyers, with many existing owners putting bumper stickers on their Teslas explaining that they bought their cars before Musk’s hard-right turn. Trump and Musk later had a stunning public feud, in part over the administration’s elimination of EV and solar tax credits.

But Scaringe said he started Rivian with a long-term view, independent of any policy framework or political trends. He also insisted that if Americans have more EV choices, sales would follow. Right now, Tesla dominates a key corner of the market, namely EVs in the $50,000 price range. Rivian’s forthcoming R2 mid-size SUV will represent a new choice in that market, with a starting price of $45,000 versus the R1’s $70,000.

Ten years from now, Scaringe said he hopes—and believes—that EV adoption in the U.S. will be meaningfully higher than it is today across the board, explaining that the main constraint isn’t on the demand side. Instead, it’s on the supply side, which suffers from “a shocking lack of choice,” especially compared to Europe and China, he added. EV options in the U.S. are limited by the fact that Chinese brands are shut out of the market.

More choices for U.S. EV buyers would presumably create more competition for Rivian—and indeed, the flood of low-priced Chinese EVs in other auto markets has created a backlash, with countries such as Canada imposing steep tariffs on them. But Scaringe appears to view more competition as positive for the market overall.

“I do think that the existence of choice will help drive more penetration, and it actually creates a unique opportunity in the United States,” he said.



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Powell warns of a ‘very unusual’ economy as inflation remains high amid a weakening job market

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Federal Reserve Chair Jerome Powell on Wednesday described the U.S. economy as “very unusual,” saying policymakers are navigating a rare combination of tariff-driven goods inflation and a labor market that may already be weaker than official data suggests.

The Fed cut interest rates for the third consecutive meeting, a quarter-point reduction Powell framed not as a confident pivot toward easier policy, but as a defensive move meant to keep the labor market from slipping further. He repeatedly emphasized risks to employment have risen “in recent months,” and noted that behind the headline numbers, job creation may already be negative.

Powell made the striking admission the Fed believes the official payroll figures—which have slowed sharply since the summer—are overstating job growth by roughly 60,000 per month. 

“Forty thousand jobs could be negative 20,” he said, adding this dynamic is not well understood by the public because unemployment claims remain historically low—something both economists Mark Zandi and Claudia Sahm recently toldFortune could be giving people a false sense of security about the job market.

“I think a world where job creation is negative… we need to watch that very carefully,” Powell said. 

It is this weakening backdrop Powell said makes the current moment “very unusual”: Inflation remains elevated, but most of the remaining overshoot comes from goods categories directly affected by tariffs, as opposed to domestic economic overheating, which he said the Fed has worked hard to cool since its 2022 highs; inflation excluding tariff-affected goods is “in the low [two percent],” he said. Services inflation is cooling, wage pressures are easing, and neither the labor market nor business surveys suggest a “Phillips-curve” kind of inflation threat, Powell said, referring to the inverse relationship between inflation and unemployment. 

Instead, Powell said, the bulk of the problem is a “one-time price increase” pushing up goods categories as import levies work their way through supply chains. Goods inflation, he noted, should peak around the first quarter of 2026, assuming no additional tariff rounds.

Those crosscurrents have fractured the Fed. Three officials formally dissented from the rate cut on Wednesday, and several others offered what Powell described as “soft dissents,” when an official’s personal projection falls out of what they ultimately voted for. There were six such “soft dissents” this time, during one of the deepest divides inside the FOMC in years, driven by disagreement over how to weigh the risks of lingering inflation against the possibility that job growth is weaker—and much more fragile—than reported.

Powell stressed that policymakers cannot simply choose one mandate to prioritize. 

“There is no risk-free path,” he said, a refrain he’s repeated for months. “When both sides of the mandate are threatened, you should be kind of neutral.” 

He characterized the current stance as being at the “high end” of neutral, allowing the Fed to “wait and see” how the data evolve.



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