Bridget Grimes on Starting a Financial Advisory Firm For Just Women

Bridget Grimes is the President of WealthChoice where she focuses on guiding women on managing their money. She is also a co-founder of Equita Financial Network and the author of Corner Office Choices, and a CFP(r) Board Ambassador.

Picture of Bridget

Single-sex schools have a plethora of benefits for their students. For women specifically, they appear to offer a shield and a space free of the patriarchal eyes of the outside world where girls aren’t taught to be perfect, they’re encouraged to be brave.

For Bridget Grimes, right out of college that meant her ambition drove her to Wall Street in 1985 where she wanted to be in a German bank and work as a trader. But because of her gender, she was told she’d probably be a better secretary.

It’s a scary world out there, and I wonder how much times have changed. As we leave school, we also leave behind organized and supportive environments that we’ve likely thrived in. If we were lucky, most of us haven’t experienced explicit sexism firsthand.

These protective support systems have been created over time from efforts such as Bridget’s.

WHAT WAS YOUR CAREER JOURNEY?

I was a German Literature and Art History major in college and went to Wall Street in 1985. At the time I was told only men could be traders at German banks, and I was told I’d be a better fit for a secretarial role. I ended up working at some small hedge funds and then went to culinary school.

Years later, I divorced and was with young children and my perspective pivoted. I started up my career in wealth management again at Morgan Stanley.

WHAT PROMPTED YOU TO START WEALTH CHOICE?

Personally and professionally, I noticed that women had different approaches to money and I paid closer attention to how my friends, accomplished doctors, and executives approached money. They have different needs and circumstances than men. To help them, it’s not just dropping them into an account, it’s working with them personally to understand what’s been derailing them.

I couldn’t give them the personalized support they needed working in corporate. I also learned I was paid 50% of my male peers, and there wasn’t room for a promotion given my ambitious and aggressive nature.

So, I launched WealthChoice.

WHAT ARE SOME OF THE UNIQUE ISSUES THAT WOMEN FACE WHEN IT COMES TO MONEY MANAGEMENT?

Young women’s expectations around money tend to be skewed due to social media and it changes how they prioritize lifestyle, spending, and traditional money management. But the priority problem doesn’t discriminate with age.

Older women tend to be spread out due to the many obligations they have, and their finances are often the last thing on their minds. Each situation is honestly unique to the individual, and my job is to understand what their specific needs are and what they need most in their situation. For a lot of women, it can look like navigating their career trajectory, how they account for gaps due to layoffs and pregnancy, and how they balance family dynamics.

THERE SEEM TO BE A LOT OF SIMILARITIES BETWEEN FINANCIAL PLANNING AND LIFE PLANNING. IS THIS EXPECTED?

Yes, of course. Now when you sit for the CFP(r) (Certified Financial Planner) exam, there is a people skills project. Our finances are an essential part of our lives, and navigating people through their finances also means navigating them through what their finances are entangled in and affected by.

WHAT ADVICE DO YOU HAVE FOR YOUNG WOMEN STARTING IN PERSONAL FINANCE?

Track everything. Understand where your money is going, and how much is coming in, and allocate your savings and investments where you need to. Attempt to understand what’s happening to your money, and that includes asking for help when you need to.

When it comes to the pay discrepancy, always ask for more. Women tend to negotiate less off the bat, leading them to start at a lower salary compared to their male peers.

Bridget’s career journey and the founding of WealthChoice illustrate just how significantly the financial landscape has changed for women in recent decades. There’s more dialogue and more awareness, and organizations such as WealthChoice are addressing the practical aspects of money management that make a real difference in empowering women.

Learn more about WealthChoice here.