Advisors have been trying to make sure their practices were open to female clients for years, but now HoyleCohen has created an entire program for women, staffed by female advisors.
HoyleCohen launched the "Wealth by Design for Women" practice to give women a separate space within the firm and its marketing plan.
The firm was started by Joseph Cohen and Kevin Hoyle in 2001 and currently manages $500 million in assets for men and women alike.
It has hired Janet Achaetel from Brandes Investment Partners to head up the new unit. Several other women are onboard as planners and in support roles.
As the principals note, women have indeed captured a lot more of the wealth in American society and there's definitely a need for advisory practices sensitive to the needs of widows -- men rarely outlive their wives -- divorces and female entrepreneurs.
The question is why they've found that "female clients are increasingly dissatisfied with the traditional approaches that ignore their specific goals."
Are high-net-worth women simply frustrated with being kept out of the loop by their advisors? Do they want more information or less of what some would call "man-explaining" lectures?
HoyleCohen is promising a "collaborative and information-rich" approach. Sounds like something that would work well with any client.
Maybe down the road they can clone it and capture the rest of the market.