This advisor started a financial non-profit to empower women

Stacy Francis never planned to become a financial advisor, especially one for women going through divorce. But a candid talk with her grandmother shifted her career trajectory. 

Her grandmother, Myra, was a victim of spousal abuse and, before passing, she confessed to staying in her marriage because she felt “financially trapped.”

“That’s what drove me to go into this field,” said Francis, who founded Savvy Ladies, a non-profit providing free financial advice and education for women, along with her advisory firm Francis Financial in New York.

“It really is my love letter to my grandmother,” she said.

Francis, a certified financial planner and a member of CNBC’s Advisor Council, started Savvy Ladies in 2003 through workshops in her New York apartment.

Today, the non-profit offers free virtual advice nationwide, regardless of income, through a financial hotline that connects women with a pro bono advisor.

While there are organizations devoted to women in poverty, Francis sees limited options for those with moderate incomes or assets, such as women starting their first job, getting divorced or seeking advice as a single mother. 

“There’s just a huge swath of women that desperately need this financial advice,” she said.

Judy Herbst, the organization’s executive director, said Savvy Ladies has connected more than 600 women with advisors in 2022, with 174 callers in April alone.

Nearly half report incomes of less than $74,000 annually, according to Herbst, with 60% saying they are the sole member of their household.

There’s a core group of callers in their 40s and older who recognize the importance of building wealth, Herbst said. “They’re going from debt management and divorce to finally asking ‘how do I invest?'” she said.

Savvy Ladies also partners with other non-profits to co-host events, such as financial education workshops, she said.

Indeed, the median income for women 65 and older was $47,244 in 2016, including earnings, retirement income, Social Security and property, according to a 2020 report from the National Institute on Retirement Security. However, the figure for men age 65 and older was $57,144.    

Women’s assets need to last to age 95, which may require higher returns if they’re starting with less, she said. But volatility often triggers more anxiety for women with less experience.

Francis urges women to “lean into investing” to build confidence, whether it’s working with an advisor or organizations like Savvy Ladies, taking courses or reading books.  

“Investing for women is not a nice to have, it’s a must,” she said. “The stakes for women are higher.”