Women Clients Make Up Over Half Of Many Advisors' Practices

Monday, April 09, 2012 12:55
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Women Clients Make Up Over Half Of Many Advisors' Practices

Tags: marketing | referrals | women investors

A survey of 439 financial advisors indicated that most realize that women will gain more control over financial assets over the current decade. By 2020, women are projected to control $22 trillion compared to $14 trillion today. That’s a 37% increase. Women advisors are more likely to work with women clients. Fifty-two percent of female advisor respondents said that women represent over half of the clients they work with compared to only 41% of the male respondents.

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Many women are reluctant to talk about their level of financial knowledge and prefer to work with an advisor who understands their needs and in whom they can place their trust.
 
Trust relationships with women take longer to develop but women have greater loyalty and are good resources for referrals than men. Advisors are often unsure how to market to women. As well, there are fewer women advisors than men.
 
The quotas required of new hires by big financial institutions runs contrary to the time frame needed to develop quality relationships with women. This may have kept women from entering the industry. The survey revealed that 51% of respondents work at firms that are focusing more on hiring women advisors and working with them in a way that will better support them as they build their businesses.

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