U.S. financial services firms are missing out on an estimated $782 billion in investable assets by not targeting and strengthening their relationships with women, according to a new study.
That’s partly because women historically have been regarded as a niche rather than a target market, according to Steve Pattinson, president of Kantar East Coast, which released a report on Tuesday called "Winning Over Women."
“Some businesses have made great strides, but a significant gap still exists,” Pattinson said at a press conference Tuesday in Manhattan. “The size of the prize is indisputable.”
The study found that while women are accruing more and more of the total share of the wealth in the U.S., they largely view investing as out of their league.
“Advertising reinforces and confirms the stereotype that investing is a man’s world,” said Anita Watkins, global head of qualitative for Kantar.
The study found that only about 35 percent of women say they try to keep in touch with financial developments compared with nearly 50 percent of men, and less than 30 percent of women say they look at financial websites for information compared with 40 percent of men. Less than 30 percent of women say they usually speak to a financial advisor compared with nearly 40 percent of men.
“Women need authentic connections,” said Audrey Looker, a senior vice president of qualitative at Kantar. “Offices that are full of fake plants, motivational posters or a signed championship football are seen as showy, which causes some women to feel they are being approached in an intimidating way.”
Instead, Looker encourages advisors to set up an office that conveys a team or partnership approach, with chairs that are side by side rather than across a table.
“Survey your women clients,” Lookersaid. “Ask what items to add to your office space that would make them feel more comfortable in face-to-face interactions.”
The presentation included panelists Erika Pearson, Kantar executive vice president of customer experience; Kerry Sette, Voya Finance vice president and head of consumer insights and research; and Benji Baer, managing director and global head of product marketing with JP Morgan Chase.