The WIN Member Spotlight is a knowledge-sharing initiative designed to capture the experiences, insights and lessons of women within the WIN community.

This spotlight features Lel Smits—an award-winning director, entrepreneur and self-taught investor who spent near two decades helping ASX-listed companies articulate their value to investors, before turning that same discipline on her own financial life.

Introduction

Lel Smits has advised more than 500 ASX-listed management teams and boards, reported on global markets from Wall Street, and built and led investor media platforms—yet she came to her own investing the way many women do: cautiously, and later than she'd have liked. Her story isn't a straight line from finance journalist to seasoned investor. It's about the quiet belief that finance belongs to other people, and what changes when you decide it doesn't.

The Conversation

You've spent years helping ASX companies communicate their value to investors. When did you turn that same lens on your own financial position—and what did you find?

For years, I was far better at interrogating other people's balance sheets than my own. I'd sit across from CEOs, millionaires and billionaires, helping them articulate their value to investors—and never turn that same scrutiny on my own position. Running a business after Wall Street forced me to get numbers-focused, but the real shift was mindset. Financial confidence doesn't come from knowing everything. It comes from being willing to ask the questions of yourself, commit to the basics, and then make an informed call. When I finally looked closely, I found I'd built an entire career around finance and investing and, like a lot of women, still hadn't given myself full permission to own that space personally. That was the catalyst to keep learning, keep investing, and be far more intentional about my own security.

You've spoken openly about growing up with a fear of finance. What did that fear actually look like, and what was the moment it started to crack?

Growing up, finance felt like it belonged to other people—the ones who were more confident, more experienced, who'd topped maths and science. I had it in my head that investing required a special language or background, and that hesitation is quietly corrosive: you don't want to ask a ‘silly’ question, so you end up asking nothing at all. It started to crack when I realised finance isn't a closed club. It's just information. The moment I started asking, reading and listening—and surrounding myself with people who were generous with what they knew—the fear began to lift.

My career in finance journalism demanded that of me daily, and it taught me that curiosity is the most powerful financial tool there is.

“Finance isn't a closed club. It's just information. The moment I started asking, reading and listening, the fear began to lift.”

You co-founded The Capital Network, built The Stock Network, and sat on the ASA board for five years up until this year—and you still call yourself self-taught. What does that say about how financial knowledge actually gets built?

Self-taught doesn't mean self-made in isolation. It means having the curiosity to seek out information, learn from experts, listen to perspectives that aren't your own, and keep challenging yourself. Financial education is a lifelong project—even after more than a decade in markets, I'm still learning. The industries move constantly: new sectors emerge, technology shifts, markets turn. The strongest investors aren't the ones who know everything; they're the ones who stay open. And that's the encouraging part—you don't need to feel like an expert before you begin. Confidence comes from taking the first step, then moving forward a little every day.

You're developing financial literacy programs for children. What do you wish had been in your own early education—and what difference do you think it would have made?

That money is a tool—not something to fear or avoid. We teach children so many life skills and somehow leave financial literacy off the list. The fundamentals—saving, investing, understanding risk, weighing wants against needs—shape everything that comes later. If I'd learned them earlier, I'd have approached money with far more confidence and far less second-guessing. What excites me about teaching children now is that it was never really about dollars and cents. It's about confidence, independence and decision-making—skills that compound over a lifetime.

What's one investment decision—or the thinking behind it—that you'd share with a woman who's just starting to take her portfolio seriously?

Start. Don't wait for the perfect amount of money, the perfect knowledge, or the perfect opportunity—time is one of the greatest advantages any investor has, and it's the one you can't get back. Beyond that: get comfortable understanding what you own and why you own it. Investing isn't about chasing the next hot tip. It's about building a portfolio that fits your goals, your timeframe and your circumstances. Small, consistent steps over many years do the heavy lifting.

What's the biggest misconception women carry about investing—and where do you think it comes from?

That investing is only for people who are wealthy, financially sophisticated, or naturally good with numbers. It's none of those things—it's a skill, and like any skill it's learned. I also think women underestimate themselves. The research is consistent: women often make excellent investors precisely because they take a considered, long-term view and are less prone to emotional decisions. The real barrier is that women historically weren't encouraged to engage with investing at all. That's what has to change—the conversation needs to move from ‘finance is intimidating’ to ‘finance is empowering.’

Finish this sentence: the one thing I want women to leave with after hearing my story is…

…you don't need to be an expert to take control of your financial future. You need curiosity, a willingness to learn, and the confidence to ask questions. Money was never just about numbers—it's about choices, opportunities, and the freedom to live the life you want. Every woman deserves to feel confident being part of that conversation.

Key Takeaway

"Financial confidence was never about knowing everything. It's about being willing to ask the questions—of the market, of the experts, and of yourself—and having the curiosity to keep asking. That's available to every woman, at any stage."

Quick Fire

• Best advice you'd give: Start. Don't wait for the perfect amount, the perfect knowledge, or the perfect moment—time is the advantage you can't get back.

• Biggest misconception you've let go of: That investing belongs to people who are wealthy or ‘naturally good with numbers.’ It's a skill, and skills are learned.

• What changed your thinking most: Realising finance is just information—and surrounding myself with people generous enough to share it.

• What you want women to know: You don't need to be an expert to take control. You need curiosity and the confidence to ask.

The WIN Member Spotlight is a knowledge-sharing initiative. Where the Masterclass Series provides structured education, the Member Spotlight provides lived experience. Together, they help WIN become a platform for learning—not just events and networking.