Women control approximately two-thirds of annual spending in the U.S., or around $12 trillion, and should become a primary focus for advisors, according to a group of panelists at a Pershing presentation.
Females are much more than a niche market, and 80 percent will be solely responsible
for household financial decisions at some point during their lives, the panel said.
In addition, spending by women is expected to grow, as women make up two-thirds of the working population, according to the panelists.
Women also tend to be less satisfied with their investment professionals
, Pershing said. Approximately 46 percent of women describe their advisor as focused on “making me a smarter investor,” compared with 60 percent of men.
Meanwhile, 92 percent of women retirees have not conducted adequate financial planning
to enable them to live comfortably throughout their life, Pershing said.
Advisors must communicate differently with women and should schedule follow-up meetings with the family, as women tend to be concerned with their family’s well-being, according to Kim Dellarocca, head of practice management at Pershing.
“This is about education and not leaving [their] future up to chance,” Dellarocca said.