Ladies Who Lunch
Image: Pablo Picasso. The Reservoir, Horta de Ebro 1909. Paining on display at the Museum of Modern Art, New York. MOMA is one of the museums built and funded with help by Abby Aldrich Rockefeller.
In our very first episode of the Kick It Open podcast, Jana Gregorek, Director of Talent Acquisition at Moneta, challenged the stigma of “ladies who lunch.” Around the 18-minute mark, she pointed out how this notion perpetuates the idea that women are only about socializing while men handle the serious business stuff on the golf course.
But let's set the record straight: women have always been more than just lunch buddies. Even before entering the workforce en masse, the ladies who lunch were actively involved in funding nonprofits and supporting art institutions. Ambitious women have always been pushing boundaries and recognizing the power of collective action.
Today, the outdated stigma of "ladies who lunch" undermines women's seriousness and overlooks some crucial facts:
Women outnumber men in the US college educated workforce. The dynamics of breadwinning have changed. Today, in 1 in 6 opposite sex marriages, the wife is the sole or primary breadwinner. Source: Pew Center for Research.
We still lag in leadership positions. In wealth management, it’s 75% male at the top of the corporate ranks and more than 75% men within the advisor and planner community.
In financial services, 70% of women in financial services say their career is secondary to their spouses vs. just 47% of men. Source: McKinsey.
I know you’re really busy, but lunching needs to be a priority.
Women who have a tight group of friends with whom they can talk shop earn more and land bigger roles and make more money. BTW - For 30% of women in wealth management, your career is the priority career (and contributor to the family’s finances). You’re not asking for more money or seeking out the larger roles for ego; it’s a matter of breadwinning.
Our industry has a leaky bucket of talent moving into the upper ranks.
Especially in a male-dominated culture, it’s easy to judge yourself and wonder “is it just me?” In the book “Think Like a Breadwinner,” the author describes her women confidants as her “pocket posse.” These connections create confidence and give you information currency.
A strong social circle also improves your physical health and well-being. According to the American Psychological Association, “A review of 38 studies found that adult friendships, especially high-quality ones that provide social support and companionship, significantly predict well-being and can protect against mental health issues such as depression and anxiety—and those benefits persist across the life span.”
So here's my challenge to you: make time this week to connect with another powerhouse woman. It doesn't matter if it's a quick coffee break or a leisurely lunch—just do it. Your career, your health, and your future earnings will thank you for it.
Pro-tip: When you tell your male boss or colleague that you’re heading out for lunch with that powerhouse friend, tell them you’re going to a business lunch, networking lunch, or having lunch with so-and-so so you can get [fill in the blank] accomplished. You’ll signal the important value of your lunch dates.
BTW - don’t forget to check out and subscribe to our new podcast, called Kick It Open! Named after a quote from Muriel Siebert, the first woman to join the NYSE, our podcast is all about breaking down barriers and fostering women's success in industries like wealth management. And what better way to kick open those doors than through networking?
