MyWorth, a new company designed to teach women about finances, could be described as a shoulder to lean on for women in transition and a community for them to learn from.
Created with the help of Penn Mutual Life Insurance Company in Philadelphia, myWorth maintains a website, www.myworthfinance.com, that provides financial information women need when they are facing marriage, motherhood, divorce, widowhood, other life transitions, or just when they have financial questions.
“The first job for myWorth was to really listen to women and find out what they needed,” said Ande Frazier, CEO of myWorth. “We are passionate about empowering and enabling determined women to live their best lives through financial education, action and protection.”
Frazier will be a speaker at the Invest In Women conference sponsored by Financial Advisor and ETF Advisor magazines in Atlanta April 29 to May 1. The conference is a national forum on issues of interest to women financial advisors and clients, but both women and men are encouraged to attend.
Eileen McDonnell, CEO of Penn Mutual Life Insurance Company, said, “We wanted to change the narrative between women and the financial services industry. So we created a community that promotes a dialogue where women can learn from other women’s experiences and seek advice from financial professionals.
“Women are proud of what they have achieved in their personal lives and careers. With myWorth we hope to help motivate women to focus on their financial wellness as well, so they can take the same control of their financial lives as they have in their personal and professional lives,” McDonnell said.
The myWorth website features articles from experts from a wide range of fields, including finances and wellness, to information from peers about 401(k)s and divorce, to marriage and money and yoga.
The myWorth team is complemented by experts in insurance, investing, divorce, family planning, wealth management, retirement planning, college planning, special needs planning and succession planning. MyWorth welcomes experts and peer members to submit articles that will help women who want to take control of their lives and their finances, Frazier said.
When making financial decisions, most women want to do it themselves, but they need guidance to sort through the issues and available information, Frazier said, adding that guidance is what myWorth provides.
Frazier said she is in the process of building a community of women rather than offering financial advice. MyWorth, which launched in October, has 15,000 members who have signed up for the newsletter and notices. She holds the CFP designation but said myWorth, which is free to join, wants to take a step back to help change the dynamics of finances for women.