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LATEST THINKING

Reinventing

wealth management

for women

How to better serve female investors

While many wealth management firms acknowledge that women investors comprise a growing portion of their market, few seem to have adequately changed their advisory model to meet women’s needs.

New Accenture research points to the key preferences of female investors. In order to create compelling value propositions that resonate with women of all types, wealth managers need to better understand their investment goals, communication preferences, decision-making model—and a host of other things.

Reinventing wealth management for women: The new face of wealth management

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The current advisory model is not working for women: Infographic

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Today, women have become a financial force with impact. Our research shows that the majority of women have unique investing needs and preferences.

Women are not satisfied with the current wealth advisory model.

Women are more likely to use dedicated advisors than men, but are less likely to say they are satisfied with their advisors or find them trustworthy (63 percent), according to our latest wealth management research. As a result, only 61 percent of women reported having a good understanding of their investments and holdings.

Women clearly know what they want.

Women tend to be more conservative investors overall—their primary goal is to preserve wealth. Many must account for career breaks and some still make less than their male counterparts. These are just a few of the many preferences in our report.

Women want financial advice based on life pictures, not just products.

They want an advisor who understands their life map and the goals it entails. Yet, they are not engaging with advisors on the big issues currently. Only 35 percent talk to their advisor quarterly or more about retirement planning or to see if their goals are on track.

Did you know …

Of women talk to their advisor more than once per year

Of women talk to their advisor quarterly or more about new investing ideas

Of women talk to their advisor quarterly or more about retirement planning or to see if their goals are on track

While pivoting an advisory model is no small task, a few first steps could help your firm better welcome and serve your female client base:

1

Treat women as a unique market, taking into account their preferences for things like communication and wealth preservation.

2

Build networks around key segments of women to avoid the one-size-fits-all approach. The needs of divorced or new career women, for example, will vary widely from married women with children.

3

Lead with advice, not products. Women’s investing forums and education events could help address the unique needs of women, from earning gaps to widowhood.