Key considerations for professionals looking to deepen their relationships with women clients.
Independent broker-dealers and their financial professionals can only benefit by gaining a deeper understanding of the priorities and goals of the various types of clients they serve. While the financial services industry is becoming increasingly harmonious and dedicated to empowering those with diverse backgrounds, professionals must still be aware of the differences that should be considered when formulating wealth plans for investors. Below is a guide to help professionals better realize some common wealth management goals and considerations shared amongst women investors.
Your clients and their needs are defined by more than just their gender. Yet there are certain differences that financial professionals need to consider when connecting with, and creating wealth management plans for women.
While women have made tremendous progress in evening the social, political and economic playing fields, there are still key considerations for you to keep in mind when helping women plan for and achieve their financial goals.
Results of a recent RBC Wealth Management survey show that women clients assigned higher levels of importance to retirement planning, estate planning, tax planning, insurance and philanthropy, compared to men who responded to the survey. Your women clients may have wealth management questions about topics relevant to their unique needs. You can take the opportunity as their financial professional to help find the answers that are right for them and their situation.
Women are no longer just controlling household finances—they are attaining higher levels of education, achieving success as business owners and professionals, and are earning more. Women are also increasingly single, living longer and are first in line to inherit large sums of wealth. These factors present the perfect opportunity for you to create lasting connections with women clients and earn the right to be their primary professional by making a difference in their financial future.