A new initiative by New York Life Investments aims to strengthen financial advisors’ relationships with female clients.
The program, which incorporates company research involving a survey of 800 women, consists of a tool kit and resources to help advisors better understand and serve women, the company said.
The company noted that women control about $14 trillion in the U.S. and account for 70 percent to 80 percent of all consumer purchasing, yet invest 40 percent less than men.
“The new value-add program leverages proprietary research and perspectives combined with practical tools that enable advisors to address their specific needs," the company said in a release.
The survey found that female investors can be categorized into four different groups based on their objectives, risk profiles, interest in finacial education and the types of relationship they have with financial advisors, said Forrest, global chief marketing officer of New York Life Investment Management.
“These nuances, coupled with women living longer than men, provide the insight and opportunity for advisors to engage differently with women investors to increase their overall satisfaction,” he said in a prepared statement.
These are the four categories identified by New York Life, along with survey findings for each group:
• Suddenly Single: Women who have recently separated, dicvorced or widowed in the past five years. Thirty-two percent feel patronized by financial advisors and 51 percent may not work with an advisor again.
• Married Contributor: Professional and non-professional women whose primary contributions to the household tend to be non-financial. Thirty-two percent feel unconsciously excluded in conversations with financial advisors.
• Married Breadwinner: Professional women who represent the primary source of income for the household. Forty-four percent feel that financial advisors treat women differently.