It's definitely a case of "Men are from Mars and Women are from Venus" when it comes to how the two genders think about an investment strategy, according to a new study of wealthy women investors released by the Spectrem Group on Tuesday.
Key segments of affluent women analyzed and compared in the study were broken into three segments: Women with $100,000 to under $1 million, those with $1 million to $5 million, and those with $5 million to $25 million of investable assets.
The more wealth a woman has, the more likely she is to secure financial counsel, says Spectrem, with 95% of ultra-high-net- worth engaging a financial advisor.
Women investors are also more likely to consult a professional financial advisor than men would, and their financial decisions are driven by personal and family concerns much more so than men, according to Spectrem's new E-Zine report Wealthy Women 2011.
The Lake Forest, Ill.-based consulting firm also reports that women are more conservative in taking investment risks at lower wealth levels, but are actually more aggressive at higher wealth levels.
Other investment disparities noted in the study include: Women are more likely to choose a financial planner as their advisor compared with men, and women are much more active in using social media than their male counterparts.
-Jim McConville