Report shows cultural stereotypes don't hold up under closer examination. Despite mass-media stereotypes of bombshell gold-diggers and profligate heiresses, it seems that most affluent women are in fact well-educated, hard-working and very much involved in their families' wealth management, according to a new report out of Palm Beach Gardens, Fla.-based multifamily office Asset Management Advisors (AMA).

"Women are key decision makers, making up 46% of top wealth holders in the U.S., so understanding their needs, views and approach to wealth is critical to helping families successfully manage their wealth," says AMA's CEO Maria Elena Lagomasino.

AMA compiled responses from 115 women with households worth at least $1 million (40% if them falling in the $10-million-to-$100-million-per-household range). The study is phase one -- a test of methodology in effect -- for a larger, multi-institutional study by Relative Solutions, a New York-based family-enterprise consultancy.

Insights from the study:

Affluent women are not only wealthy, but very well educated: Over 60% of the women indicated that the net worth of their household was between $5 and $100 million. When asked about the level of education completed, over 80% had at least a Bachelor's degree and over 40% had a Master's or Ph.D.
A majority of wealthy women work: 53% of the women surveyed are employed and manage their own careers. 70% expect family members to work.
Supporting family members financially with their education is a priority: Not only do the women who were surveyed feel it is important to be educated themselves, 70% agreed that it is important to support family members financially with their education.
A majority of women concur that they are in control and involved with the management of their wealth: When asked to rate the statement, "I have control of my wealth," 68% agreed, and over 50% said they are actively involved with the management of their wealth. Women expressed the importance of not relying on a man when it came to their wealth, and the importance of being educated and knowledgeable about wealth management issues.
A majority of women are talking about wealth in their families and have communicated to their children about their estate plan and inheritance. Seventy-one percent of women indicated that their families are talking about wealth. Over 70% of women agreed that they are talking to advisors and spouses about wealth, with 62% of women agreeing that they have talked with children about estate plans and 64% of women agreeing that have talked with children about their inheritance.
A majority of women indicate that their families are philanthropic. Over 85% of women indicated that their families are currently philanthropic, and interviews indicated that women and families are volunteering their time, knowledge and expertise as well as their dollars. Of special note, 43% of women indicated that they serve on a community board(s).
A majority of women anticipate having their children inherit equally. Almost all women with children indicated that some portion of their wealth would go to their children, and 95% of mothers surveyed intend for their children to inherit equally.

AMA, an affiliate of SunTrust Banks, has about $10 billion in advisory assets. -FWR

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