As the financial industry continues to see the rising class of high net worth women, financial advisors are adapting.
In the upcoming webcast, Winning with Female Married Breadwinners: Insights on How to Strengthen Relationships, Jennifer Tarsney, Director, Practice Management, New York Life Investments, will delve into recent research on women. The study explores their feelings about being the primary earner along with their investment habits to provide financial advisors with insights to help this incredibly important demographic, not just as opportunities, but as people.
“Women are earning and controlling more wealth than ever before, and with that comes the responsibility to secure and grow that wealth,” according to New York Life Investments.
New York Life Investments found that women have unique investment needs and challenges that our industry doesn’t necessarily understand or address. For instance, women feel financial professionals treat women clients differently, feel patronized by financial advisors, feel financial advisors are less likely to listen to investment ideas from women and feel financial advisors push women out of financial-related conversations.
Meanwhile, women may also treat financial advisors differently when compared to male investors. Women have fired their advisor due to client experience issues, such as a lack of a personal relationship, lack of trust, poor communication, or service – items that are entirely controllable from the advisor’s perspective.
When looking for a financial advisor, women also highly rated unquantifiable characteristics beyond knowledge about investing. For example, women selected financial advisors who take their concerns seriously, treats them with the respect they deserve, and takes the time to understand specific financial needs. Women also don’t care about the gender of their financial advisor.
Getting along with female clients may also help financial advisors grow their businesses as New York Life Investments found that a majority of women will share their experiences with financial advisors and refer the financial advisors to friends and family.
Financial advisors who are interested in strategies to strengthen client relations can register for the Tuesday, July 21, webcast here.