Understanding Wealthy Women’s Priorities
If you’re an advisor who wants to appeal to wealthy women—and that should be all advisors—a new report from Spectrem Group offers guidance.
The report, according to Financial Advisor magazine, is based on a survey of 350 women with $1 million or more of investable assets.
Women, according to Spectrem, value planning more than men do. Most also see themselves as having a lot to learn about financial products and investments, the study shows.
Just 21% describe themselves as very knowledgeable about investing, while 52% say they’re fairly knowledgeable but have much more to learn.
“Approaching investments with an educational twist is appealing to women who hope to understand their investments,” Spectrem writes. “But don’t come at it with a condescending or too-basic approach.”
It’s worth bearing in mind that 83% of wealthy women are college grads, and nearly 30% have graduate degrees.
Women are more likely to seek out an advisor as they age, Financial Advisor writes. Right now, just 57% of millennials and Gen Xers work with an advisor, versus 80% of World War II-generation women and 68% of baby boomers.
“Spectrem advises reaching out to wealthy women when they are young so that a relationship will be in place when the women get older and look for more advice,” the publication writes. “As they age, the women will rely on an advisor more and seek advice on a larger amount of assets.”