Meeting People Where They Are: A Wealth Management Interview with Neru Padmanabhan
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The YWiB Toronto team is excited to have two amazing women speakers for our upcoming Wealth Management: Demystified webinar. Neru Padmanabhan and Francesca Rea CFP® will share important knowledge, strategies, and tips for managing your finances. Wealth management is an area all young women-identified professionals can stand to learn more about, regardless of which stage they are at in planning for their futures. As well, we hope this webinar will show you that there’s no better time to start than right now!
Ahead of this exciting session, we asked Neru a few questions to get to know her better and give you a taste of what’s in store on July 7th. Read on to learn more.
Neru, can you tell us a little more about yourself?
Sure! I started my financial management career two years ago and have been learning and honing my skills since. Before that, I worked in social services for over 10 years, including as a case manager in the shelter system and working with mental health and addiction programs. I made the career change after identifying that many of my clients- people of all genders, seniors, families- had a real need for accessible financial support, products, and financial literacy education that could help them reshape and rebuild their lives.
While I worked in that sector, I was always looking for resources for my clients but kept running into red tape. I found many financial institutions didn’t value or have any interest in supporting my clients. I was discouraged but decided to educate myself so I could address this disparity. I wanted to do my part to empower individuals to take care of their finances and be better prepared for the future.
Wow, that’s wonderful! So how does that experience in the social sector inform your approach to your current work?
My experience has given me the insight that not everyone has the same mindset, education, and experiences with money and wealth management. By taking a holistic approach, I am able to view debt and financial planning from a unique perspective, which allows me to share my knowledge of people from all walks of life.
In your opinion and from your experience, what are the biggest barriers young women professionals face to becoming financially ‘savvy’?
In my opinion, the barriers are two-fold:
First, people think you need wealth to build wealth. This is NOT true! Good habits, focusing on your goals, and consistency are keys to building wealth. And mindset... mindset above everything else. Start by identifying your goal and dreams. Next, analyze and understand your current financial landscape. Third, make a PLAN that is customized to YOU. Next, hold yourself accountable.
Second, people get stuck thinking there is a one-size-fits-all approach. That approach can be really exclusionary. There are multiple ways to get you to your goals and lots of services and products out there to help. Don't be afraid to shop around.
Why is it so important to take charge of your finances and plan for the future as a young women professional- even if you are struggling with student loans and making ends meet on entry-level pay? What would you say to people who don’t feel they can afford to invest in their future?
What I would say to young women is that you have time on your side. Time to build effective habits and the consistency needed to meet financial goals. Not time to put it off, but time to start now and set yourself up for success.
You should start right away, even if you are at an entry-level job or burdened with student loan debt. You don’t need to have a lot of money to start wealth-building. If you start now, you have time to course-correct, learn, and build while your life changes. Absolutely, there are ways to pay down debt while still saving for the future. You can find a balance between paying and saving and it’s important to start the process as soon as you can.
Life has so many uncertainties despite our dreams and the goals we set. We need to take our finances seriously so we can be as prepared as possible for what life throws at us.
What is one misconception people have about wealth management?
Again, I would say that the idea that ‘you need wealth to build wealth’ is a misconception that holds so many people back. I challenge this idea and assure you that wherever you are in life, you can start thinking about and planning your finances for the future.