Well Suited

The face of affluence in America is shifting – and, it’s looking more colorful and ladylike by the day.

According to findings from a recent report by Pershing, women of all ages from various ethnic groups are increasing in affluence and growing as the client base. But, is the financial services industry ready?

“Seventy-percent of women fire their financial advisors following death or divorce,” shares Kim Dellarocca, Pershing global head of segment marketing and practice management. “Women tend to prefer to work with women.”

But, there’s a glaring hole in human capital: only 30 percent of financial advisors are women. This means only 20 percent of women are finding a financial match, notes Dellarocca.

“Women are not a niche market; they’re more than a few pink pens and folders.”

Women financial advisors note the changing demographics and consider the importance of lifestyle and cultural nuances more than their male counterparts. They are more likely to meet with both spouses, visit small business owners at their place of work and acknowledge the significance of minority markets.

“Female qualities resonate with investors of the future,” Dellarocca tells PINK, “[generally speaking], they’re better relationship managers.”

So, how do we make more connections for women seeking female financial advisors?

“We have to look at the full employee cycle,” says Dellarocca, “how we recruit, onboard, retain and transition women.”

By changing the model women work under, we open up more financial services to the increasing numbers of affluent women.

It’s good business for everyone.

Bonus PINK Link: The conversation you want to have your parents right now.

Is your financial advisor a woman?

By L. Nicole Williams

Nicole is the Editor at Little PINK Book. Follow her on Twitter @iamnicwill.

“Never give up, for that is just the place and time that the tide will turn.” Harriet Beecher Stowe