A recent study found that plenty of advisors and financial strategists are not reaching women in the way in which they could. A recent study by Simon Kucher and partners found that women’s wealth in Canada and the United States grew 180% faster than that of their male counterparts.
But they are in the market at much lower numbers, only investing 22% of their overall wealth. The study involved those women whose annual household income was greater than $150,000, with a net worth of over $150,000 as well. Poor enablement programs, mismatched services and products and a lack of segment specific experiences are blamed as the top reasons for women not getting the help that they need. Unfortunately, too many advisors fall back on gender stereotypes and fail to meet the women where they’re at with the support that they need.
Knowing that you are working with someone who understands your unique needs and is tailoring a plan with that in mind can make a big difference in how you feel about investing. Whether married, single, widowed, or in any other situation, it’s powerful to know that you have a team of professionals at your side to help you.
Women are also interested in getting more support from financial advisors, with 30% more women than men wanting to get financial advice from someone in person. Furthermore, 65% of those women who do invest their assets would pay a 20% premium for more of this advice. If you need support from an experienced and qualified advisor, now is the perfect time to meet with a knowledgeable financial advisor.