As previously seen in The San Diego Business Journal.

Understanding Their Risks

“The industry is, by and large, transaction based,” said Elisabeth Cullington, a managing director at HoyleCohen and the founder of its women’s practice. “How can I make the fastest money in meeting with these people? It’s not built around having that conversation.”

A separate women’s practice is needed because of the distinct financial risks faced by women, HoyleCohen advisors said, including a life expectancy about six years longer than men’s, a persistent pay gap and vestiges of a culture that encouraged women to focus more on the home than investment finances.

“One of the goals of our practice is to empower women,” said HoyleCohen Business Development Director Bridget Venus Grimes, a member of the women’s practice. “It doesn’t mean men don’t need it, but statistically, women are in a worse place.”

Cullington started HoyleCohen’s women’s practice in 2011, after getting divorced and sensing there was not enough support for women dealing with the aftermath of their divorces. Cullington said she sits back in initial meetings with clients, seeking out their “pain point” instead of talking about herself. Another potential pitfall she avoids is talking down to a client who seems confused.

“It sounds like redundant advice, but that’s part of the problem,” she said.