Financial advisors are looking for ways to connect with the growing number of female investors. LPL Financial's WomenInvest, is a new marketing and practice management platform designed to help advisors do just that.
"There is no doubt that women investors represent a tremendous, growing opportunity for advisors, and we are confident that WomenInvest provides LPL financial advisors with the support they need to more effectively reach out to and serve this important segment of the population," says Marissa Fox-Foley, executive vice president of marketing at LPL Financial.
The new platform includes customizable and compliance-approved marketing and best practices materials, as well as original research on behavioral psychology.
WomenInvest divides female investors into four major life stages that shape many of their attitudes and priorities towards money and investing. LPL's platform provides materials based on these stages:
In Relationships. LPL emphasizes effectively engaging with both partners in a marriage or domestic union.
In Transition. The focus is on providing support to women investors during a time of significant life change, such as a career transition, divorce or death of a spouse.
In Business. LPL offers strategies for advising professional women or women who have inherited significant assets.
In Retirement. LPL places the emphasis on developing financial strategies that support the goals of living longer and better.
"Our research shows that women investors tend to be loyal, satisfied with their advisor relationships and willing to provide referrals. However, success in serving women investors requires a nuanced understanding of their needs at each phase of their lives, and an approach to financial planning that works for them. We are pleased to support our advisors with this increasingly critical client demographic," Fox-Foley says.