Wachovia Women and Money Interview with Debra Nichols

As an extension of our commitment to educating women, Wachovia is featuring interviews with top female executives who share their insights and perspectives on issues surrounding Women and Money.

This featured executive is Debra Nichols, Senior Vice President of the Women's Financial Advisory Service.

Wachovia: Why is Wachovia marketing directly to women?
Nichols: Research from inside Wachovia and from many other sources tells us that women feel underserved by financial services firms, and that they feel current financial services advertising doesn't speak to them. We want to make sure women understand Wachovia takes their business seriously, values them as clients, and wants to connect on their terms.

Wachovia: Are women's financial lives really that different from men's? Do they need to invest differently?
Nichols: The financial goals of men and women are the same -- planning for major purchases such as a home, sending children to college, saving for retirement. What often is different are the economic realities. Women live longer. Women, particularly those who are raising children, move in and out of the workforce more often. The financial ramifications of these economic realities mean that a woman might consider investing more aggressively than a man of the same age because of her longer life expectancy, or it could mean that she makes different assumptions in estate planning.

Wachovia: Women are quite different, my grandmother is really different than my daughter for example. How can you treat women all alike?
Nichols: A key factor to consider when addressing women's needs is that we aren't all alike. Every woman brings to the table a unique set of needs and concerns, as well as her own level of comfort with financial matters. Wachovia specializes in giving advice truly tailored to individual needs. I think it's good, though, to have some general data on women in America to compare yourself with others, and I'd encourage women to browse the articles on this site. There is a lot to learn!

Wachovia: What do you consider the greatest obstacle for women related to managing their finances?
Nichols: The greatest obstacle I've seen is not taking the time to: 1) clearly identify the financial issue that needs to be addressed, 2) gather the information to allow a decision to be made and 3) implement the decision. Too often, the women I talk to are very busy, and they just keep putting a decision off until they have more time. Days become weeks, and weeks become months, and opportunities are lost.

Wachovia: Do you have any advice for women who want more information about managing their money?
Nichols: Stay on the learning curve. Read the newspapers and visit responsible Web sites like this one. Look for seminars, workshops and classes that will help you understand money management. Find professionals whose advice you trust -- Wachovia has lots of them -- and learn from them. If you haven't been an investor in the stock market, you can pick a couple of stocks and start tracking them. What you learn can be applied in many ways. When it comes to finances, knowledge certainly is power.

Keep in mind that the site is designed for you. We hope it’s helpful. We welcome your comments and feedback.

Wachovia Securities is the trade name used by two separate, registered broker-dealers and non-bank affiliates of Wachovia Corporation providing certain retail securities brokerage services: Wachovia Securities, LLC, Member NYSE/SIPC, and Wachovia Securities Financial Network, LLC, Member FINRA /SIPC.

Member FDIC

Only deposit products are FDIC-insured.

DEBRA NICHOLS