Socium Advisors’s Panel Encourages Women to be Financially Courageous

Socium Advisors, a wealth management firm whose name originates from the Latin term for “ally,” hosted its second annual D.C. Women’s Luncheon at Ned’s Club on May 2. Attendees were indulged with exquisite cuisine, refreshing cocktails, and an opportunity to customize their own fragrance at a dedicated station by The Perfume Bar. The highlight of the afternoon was the insightful panel on “Women, Wealth and Navigating Uncertainty.”

Moderated by Michelle Magner, a partner at Socium Advisors, the panel included two accomplished women: Kymber Lovett-Menkiti, co-owner and president of the real estate brokerage Keller Williams Capital Properties, and Maria Cardona, Principal at The Dewey Square Group and a CNN political commentator. With the revelation that women entrepreneurship is increasing in D.C.—48.6% of businesses being women-owned up significantly from 2007—this panel aimed to empower local women to enhance their financial futures.

Early in the discussion, Lovett-Menkiti shared an eye-opening experience. During a preparation for her podcast, Empire Building, which she co-hosts with other women in real estate, she turned to ChatGPT with the question: “If I want to make money as a woman, what should I do?” The response was filled with cautious advice: “set realistic financial goals,” “develop a savings mentality,” “budget wisely,” and “be consistent.”

Curious about the bias, she posed the same question replacing “woman” with “man.” The response advocated assertiveness: “invest in yourself first,” “create multiple streams of income,” “make your money work for you,” and “start and run a successful business.”

“What are we learning?” Lovett-Menkiti pondered aloud. Her findings suggest that societal conditioning often nudges women away from bold financial pursuits.

To challenge this narrative, Cardona recounted advice she received from a seasoned male mentor: “whatever number you think you want to ask for, ask for $50,000 more.”

“My mentor suggested the worst outcome is a ‘No,’ or maybe a counter-offer that is better than your initial request,” Cardona explained.

Testing this advice, Cardona boldly applied it in her subsequent negotiation and emerged with an additional $50,000 beyond her original ask.

“That was a transformative moment for me, as I had never imagined taking such a stance,” Cardona shared.

The panel aimed to encourage women to openly discuss financial matters, often considered taboo. Magner prompted attendees to engage with their neighbors in conversations about financial conditioning from their upbringing, recent achievements, and future financial ambitions. Initially, the discussions began tentatively but soon transformed into heartfelt exchanges, with participants sharing moving personal stories.

Magner emphasized the necessity of normalizing money talk to build financial confidence among women.

“If we don’t understand our financial influences, we can’t move beyond them,” Magner stated.