Female Investors Want The Planning To Come Before The Portfolio


Even ultra-high-net-worth women are worried about retirement, the consulting firm discovered.


That's because they're thinking about their children and grandchildren first, according to Spectrem's latest "Wealthy Women Investors" update.


I rarely report on these gender surveys because the conclusions are often repetitive and feed stereotypes that are rarely all that helpful. But this one has some nuggets of interest.


First, Spectrem's president, George Walper, says advisors should spend "far" more time with female prospects getting the financial plan together before anyone even looks at reinvesting the assets.


This creates a sense of security and gives the prospect what she wants immediately, so value is created up front.


However, it might entail rethinking the way compensation works. If the plan is normally subsidized by the portfolio -- whether through fees or commissions -- the advisor might have to defer revenue here longer than normal.


Walper also wants advisors to broaden their financial planning approach with clients who are thinking beyond their own retirement. There's a lot in life, and in a world where few advisors are even talking about philanthropy, he'd like to see them ask clients more about their kids.

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