Despite high levels of education and sizable wealth, many women aren’t too confident about their own ability to manage their wealth and investments, according to a study from Zuma Wealth.
Only 12% of women surveyed by Zuma Wealth — a woman-owned wealth management firm based in Malibu, California — said they are “confident or very confident” in managing their wealth. Around 21% said they are "not at all confident.”
“A large majority of highly educated, affluent women across the United States lack confidence in their ability to manage their wealth, underscoring the unmet need women have for trustworthy partners to guide and grow their wealth,” Terri Spath, founder of Zuma Wealth, said in a statement about the findings.
The industry needs to “move the needle away" from “not at all” and “a little” confident, according to Zuma Wealth.
Around 78% of respondents expressed “the desire to be more well-informed” about investing and managing their wealth, according to Zuma Wealth. They especially want more help with tailored financial plans and investment allocations as well as retirement plans.
“The women’s responses expose an important trend: they require tailored investment advice and financial guidance and desire a relationship with a wealth manager with whom they can be heard individually for their distinct circumstances, life changes, essential personal issues and more,” Spath said in the statement.
Zuma Wealth says it’s wrong for the industry to think that women are not interested in growing their wealth. The “industry's one-size-fits-all” approach to serving women “is deeply insufficient,” the firm notes.
“A wide range of services that fit their needs are valued and desired, but the wealth management industry's service model has not evolved; most women are not satisfied with their advisor,” according to Zuma Wealth.
The findings are based on a survey of 110 women conducted in April and May.
Around 85% of the respondents hold a bachelor's degree or higher, while around 73% possess more than $500,000 in investable assets.
Age-wise, 13% of the respondents are millennials (aged 25-40), 48% are Generation Xers (41-56), 25% are baby boomers (57-75) and 14% are from the Silent Generation (76-94). The survey was conducted by market research firm Avenue M for Zuma Wealth.
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