More than 50 graduates of the Woman on Wall Street program celebrated the program’s 25th anniversary at a champagne reception held in the Crystal Room of Costa d’Este last Wednesday evening. The event was hosted by Cricket Freeman, one of the first to graduate from the program created by Mel Ratcliff, founder of Blue Chip Divas, Inc.
The Women on Wall Street series, an Explore and Explain program, teaches women about stocks, bonds, mutual funds and especially estate and financial planning for their retirement years. The workshops, held at the Indian River County Chamber of Commerce, have helped thousands of women navigate through personal crossroads such as divorce, death of a spouse or transitioning employment, by learning how to assess and manage their financial portfolios.
“I was a member of Mel’s first Women on Wall Street class,” said Freeman. “He has graduated over 10,000 women. It educates women about their finances to empower them so they can take charge of their financial future.”
Freeman said she initially knew nothing about finances, but WWS has helped her transition through new jobs, careers, marital changes and the challenges of handling an estate armed with knowledge rather than instinct alone.
Currently a financial advisor with Raymond James Financial Services, Radcliff started the program while at Morgan Stanley after working with three widows who had no idea of the amount of money in their portfolios, let alone what was in their best interest to do with it.
“They didn’t know what to do. One poor woman did not even know how to write a check or pay her bills since they never had to take charge in the financial world before,” said Freeman.
It is not only important for women to know how to keep themselves solvent, but acquiring financial knowledge can also help when dealing with charitable organizations.
“For example, we have Impact 100 which is solely made up of women giving money to help nonprofit agencies and charities,” Freeman said. “When women understand their own financial situation, they can relay this through their community work as donors, fundraisers and in delegating funds.”
Radcliff said when he first started the classes he had no idea that it would grow to be a full-time career, but was proud to know he has assisted so many women – and, in turn, the community – over the past 25 years.
“Women of a certain generation and even young women today do not have a concept of their finances, budgeting and money,” said Laura Steward, a business strategist and Impact 100 volunteer. “They want to make philanthropic donations but they really don’t understand the impact of their money on themselves or for others. Mel helps you understand your current levels and is also educating these women on forward thinking to enjoy the life you want with the finances you have.”
