May 1, 2012
Women are Not a Niche
In the 1950s, a woman needed a guarantor to update her mortgage. In the ‘60s, she couldn’t get a credit card in her own name.
Fast-forward to today: women reportedly control about two-thirds of annual U.S. spending – that’s $12 trillion!
And new research shows more women than men are unhappy with those helping them invest that money.
The reason? Turns out, many financial advisors still view women as a “niche” market.
“Many [finance professionals] don’t understand women want to be equal. But equal doesn’t usually mean they want a pat on the back or to chat about golf,” says Kim Dellarocca, director of Pershing LLC.
“Financial communities and channels need to cater not just to women, but women in all segments of life,” says Dellarocca.
Niches within the women’s market include those who are working, married, divorced, widowed, women in same sex partnerships – the list goes on.
What can women expect from their advisors?
Dellarocca says they ought to understand each woman’s needs and goals, educate them about worst-case scenarios and keep communication open – particularly for women dealing with finances after death or divorce.
Companies like Citigroup, SunTrust and Ameritrade have begun focusing more actively on women from all sectors through articles, videos and blog resources with categories like “career,” “family,” “investments” and more.
Bonus PINK Link: Check out five ways to invest in your career.
Is your financial planner wise about women? Comment and tell us your story.
By Julia Turner
“Money isn’t everything, but it ranks right up there with oxygen.” Rita Davenport
*Supporting images from FreeDigitalPhotos.net, David Castillo Dominici and Ambro.