The report titled "Women of Wealth: Why Does the Financial Services Industry Still Not Hear Them?" was conducted last year between March and August and involved 551 women across the US with a net worth of US$1 million or more. It tracked the statistical differences across marital status, employment status, age and net worth.

The report says that women do not like to be considered a monolithic group, but want services tailored to their specific circumstances.

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According to the report, women want to be understood as unique individuals. They wanted an advisor who is trustworthy, and advisors can build trust by listening to them. As well, the respondents said it was very important that the advisor be a fiduciary and that the advisor create a strategic investment allocation based on their particular situation, goals and risk appetite.

Among the findings:

  1. 86% of working women surveyed consider obsolete careers and eroding earning power as risks to their financial success. The majority of female successful executives anticipate a major career change within the next year;
  2. Married women believe health challenges present a greater risk to their financial security than the death of a spouse;
  3. 96% of women want their unique circumstances and their entire life picture understood by their financial advisor;
  4. 80% of women (either married or divorced) believe that they will be called on at some point to help one or more of their children in a crisis;
  5. 81% of retirees see a potential decline in the economy as a major risk, versus 45% of full-time working women;
  6. 57% of married women feel that divorce poses a significant risk to their financial well-being.

Contrary to the industry’s notion that an advisor’s gender is not important to women, a quarter of divorcees and widows surveyed felt strongly about the gender of their advisor, with most preferring a woman in that role. Their reasons included that women listened better and could better relate to their situation.

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