How FAs Can Better Reach Female Clients
Nine out of ten women will be tasked with the role of being solely responsible for a household’s finances at some point during their lives, according to a recent report by the Midland National Life Insurance Company. But women are far from comfortable about the financial planning process and less confident than men about their retirement savings chops, Midland’s survey found.
On a six-point scale, women rate their knowledge about retirement at 3.3, compared to 3.58 for men, according to the survey, which polled “hundreds” of women and men, Midland says in a press release.
While this may make women more receptive to the services of a financial advisor, there are several important differences in how women and men approach financial planning.
Advisors who want to build their client base among women should take into account how they gather financial information. Men are primarily reliant on online research when it comes to retirement advice and recommendations and more reliant on their own previous experience, while women are more likely to turn to family, friends and their employers, Midland found.
What women value in financial advisors is also different from their male counterparts. Women value expertise and communication more than men, according to the survey.
Women’s monetary concerns also differ from men’s. While the two genders are equally worried about saving for healthcare and peace of mind, women are more concerned than men about having enough for rent or mortgages as well as emergencies, according to the survey.