The Financial Woman Article of the Week addresses financial advisers and women in a very big way…
The astounding numbers provided in the Today® article cited below clearly show that boomer women have got to step up to the plate and embrace their wealth management.
With the advent of thriving Learnvest® and Daily Worth® catering to the tech savvy Millennial and early Gen X women’s personal finance, it seems that technology is making wealth management easier and more appealing than ever for the younger generations…but what about the boomer women? (Blatant Confession: I still like my own simple spreadsheets, and even pencil and paper sometimes for financial tracking, and certainly for financial planning!)
What’s really interesting, and somewhat surprising, is that, according to David Bach, 70% of women leave their financial adviser when their spouse dies. The logical reason for this is that the woman was not getting her needs met in some way from her adviser.
These unmet needs may be related to performance or communication.
Just what is that missing link between financial advisers and women? Is it lack of interest on the woman’s part, the fact that she’s juggling too many balls, or is it something that her financial adviser is doing or not doing?
Regardless, here are the big numbers, straight from the article:
In the next five years, private wealth is expected to grow from $14 trillion to $22 trillion. And women will control an estimated two-thirds of that money. But many investment advisers will never see a dime of it because they don’t know how to attract, or retain, female clients.
Financial Woman Insight
We owe it to ourselves, the next generation and the world to step into managing our wealth. Even if private wealth grows to the lower end of the expected estimate of $14 trillion, women will control $9 trillion of that wealth based on current estimates. That’s a lot of money!
Whether or not a woman chooses to work with a financial adviser, independent and basic investing knowledge is mandatory to make smart decisions about her money.
Thinking of hiring a financial adviser? Do it with confidence: Get my personal Financial Adviser Questionnaire here. It’s totally free.
You may also enjoy: Wondering How To Hire A Financial Adviser?