Increasingly, women are drivers of global economic activity, controlling more than $20 trillion1 in consumer spending worldwide, earning $13 trillion annually2, and influencing or controlling the decision-making around some $11.23 trillion in assets. Women are a colossal market for advisors to serve – and it makes sense for advisors to understand the needs of women clients. Women need financial guidance, too.
Women feel higher levels of stress and worry about investing. Studies show4 that women for whom financial knowledge is likely to be important – such as women approaching retirement age – have lower financial literacy than younger women. How can financial advisors better serve this market?
We believe advisors can add value as women prepare for retirement and seek financial security. We believe advisors can begin by thinking about how, precisely, they market to women. Does the advisor assume equality in decision-making when working with couples, or does he/she focus solely on the husband or partner? Does the advisor offer tailored products and services – and market to different life stages?
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