We recently completed a women’s research study that allowed us to take a peek into the daily lives and personal musings of wealthy women. For seven days, 30 women used a smartphone diary app to record their daily high points and low points and respond to some open-ended questions. We collected over 1,700 videos and photos, which were analyzed to determine major themes and priorities. Then, we tested those ideas against a panel of 1,000 women in a more quantitative study for validation. We came away with three major insights (you can click here for access to the full study):

1. Women don’t have low confidence. They have high standards.

2. It’s not about needing more money. It’s about needing more time.

3. It’s not about being a woman. It’s about life.

Roughly 70 percent of all frustrating daily occurrences had to do with time, while only 10 percent were money-related. When we asked participants to rate the most relevant statement about their life, almost 50 percent chose the descriptor, “Time is my scarcest resource.” When we asked our smartphone diary participants, 73 percent said they’d use one extra hour a day for “me-time” if they could get it. Fifty-six percent of affluent women chose to have more time over more money, or even more energy. Between the two stages of the study, results were very consistent—women are facing a time crisis.

Why Are Women So Pressed For Time?

We found that this “time crisis” relates to women’s high standards, as their self-expectations take time and leave them feeling like they have to do everything themselves. It affects all women, but it’s particularly evident when women have children or other family members for whom they feel responsible.

For example, compare back-to-school preparation in the 1970s to today. A family had one trip to Sears where each child could quickly select a few clothes and new shoes. A trip to Kmart brought a new lunchbox, notebooks and pencils. School lunches were an assembly line of Wonder Bread, bologna, bags of chips and Twinkies. Kids walked themselves to the bus and were sure to be home by dinner.

Today, back-to-school prep can take much more time. Clothing styles are negotiated, daily lunches are customized among the kids’ preferences and mom’s job is to think organic/healthy/allergen free/eco-friendly, and so on. Transportation is complicated with different children, schools and after school activities. Plus, mom is often juggling her own work and commuting.

Women often find delegation—or the shifting of more responsibility to the kids, their spouse or a service provider—difficult, as shown in this video titled, “It’s not about the lemon.”

The Advisor’s Role In Time Management

How can an advisor utilize these findings and enhance their service when dealing with female clients? First of all, advisors need to understand that a woman’s financial life is about more than money. Among the resources she manages, time is the highest priority. Ask her about her time challenges and consider her time when scheduling meetings. Being considerate and helping her balance time could turn you into a highly valued advisor.

Reconsider how you communicate. Trying to get closer to her with longer meetings and lunches could backfire. Offer 20-minute phone updates versus the hour-long meetings in your office. Expressly ask what would lighten her schedule and how she wants to work with you. Don’t assume all women have the same preferences—they do not.

Finally, tailor some of your published content, events or client gifts to helping clients balance time. Perhaps find a great speaker about simplifying life, or give a journal as a gift instead of a holiday calendar. Offer babysitting services when you have a financial planning event to make life easier for everyone.

As I write this, I know that men have time challenges, too. What’s been expressed as a critical need by the women we surveyed can also create benefits for your entire client base. If we want to be more than conventional wealth managers and help people with their entire financial lives, thinking about the clients’ time as one of the things we help manage will help us add value and result in deeper, more meaningful relationships. 

Gail Graham is chief marketing officer at United Capital, an innovative and fast-growing financial life management firm with a unique approach to the market. Having earned awards in retail investor and advisor marketing, Graham is driving United Capital’s brand development, marketing and lead generation across all channels. Follow her on Twitter: @GailGrahamUC