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Investment Advisors Should Not ‘Pink up’ Their Marketing to High Net Worth Women

A recent study conducted by the Charles Schwab Advisor Services to understand how to better serve the needs of high net worth women found that investment performance over the longterm is most important to women [87%], not the gender of their advisor. Over half the  women surveyed (53%) did express a preference regarding the age of the advisor, with a significant number preferring advisors in their 40s and 50s.

The key criteria for an advisor, is the ability to meet the needs of the high net worth women as well as establish a relationship built on trust trust through a combination of planning, high-touch communication and demonstrated results. The survey found that a significant factor in building that relationship is face time. Despite the widespread use of social media,  84% of the women polled  said  that in-person meetings are important for establishing trust. These meetings include the initial interview (78%) and long-term financial planning (60%), to estate planning (57%) and portfolio allocation (39%). In the case of married women, 89% consider it moderately or very important that the couple who share investments, meet together with the advisor.

When an in person meeting isn’t preferred or possible, women are more likely to communicate via telephone then by email. Younger women, in this case, do opt for email more often than the older women in the survey.

High net worth women are decisionmakers on their own, as well as in shared roles with their spouses and signifcant others. According to  93% of the women surveyed, they view themselves as the primary or shared decision maker for household finances (including bill paying and budgeting) and as it relates to investments they are responsible  84 %. The women are proactive when it comes to their finances, wanting to have input on how their money is invested, with 88% seeking a collaborative relationship and role with their advisors.


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