Advisors are overwhelmed with data demonstrating the opportunity of working with the female market. Female clients are not a niche market. They control $14 trillion in investable assets, which is predicted to grow to $41 trillion in the next 40 years.
Most advisors understand the opportunity, but they lack the tools to use the data effectively.
Advisors cannot be all things to all women. They must have a very clear focus.
If you haven’t created a profile of your ideal woman client and a focused value proposition targeted specifically to her that demonstrates that you understand her needs and concerns, then here is how you can do that.
New research shows that the greatest area for opportunity is among households headed by single women. Single women head almost one-third of all U.S. households. Some single women live alone or with unrelated household members. Others live with related family members such as parents or children.
Information Asset Partners (IAP) analyzed and projected two types of single-women households: those with family members and those with non-family members, which consist largely of single women living alone.
IAP research says both types are likely to exhibit significant affinity to use a financial advisor. The data shows that from a financial advisor’s perspective, the growth opportunity is with single women with families.
Among households with only one head, the incidence of households headed by women with investable assets of $100,000 or more has almost doubled since 1994. It is notable that this increase occurred despite the differences in men’s and women’s wages, the recent recession and the decline in real income for the majority of U.S. households.
See full article on How to Identify the Ideal Female Client by Kristan Wojnar, Advisor Perspectives.