The survey involved 500 women between the ages of 30 and 70 years old with average investable assets of US$1.3 million.
It was found out that 65% of respondents consider themselves financially independent and that women consider continuous, good investment performance more important than having a long-term financial plan (58% versus 39%).
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Further, it was brought out that women want their advisors to consider their long-term financial needs (84%), whole financial picture (82%), current life stage (70%) and even their children’s financial needs (35%), while 40% wanted advisors to consider their immediate need for return on investments.
On the matters of making household financial decisions, 93% of the respondents consider themselves the primary or shared decision maker for household finances and 84% for investments, while 68% believed that responsibility for financial matters should be handled equally by a couple.
Meanwhile, 88% responded that they would like to have a say in how an advisor invests their money.
Married HNW women were also found to be sharing most household financial decisions with their spouses/partners such as retirement planning (67%), health/medical (64%), investments (62%), home maintenance (56%), household budgeting (56%), and children’s education (51%).
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By GlobalDataThree quarters of the women surveyed were found to have an advisor, and of these, 25% chose the primary financial advisor themselves, while 37% made the decision together with their spouse/partner.
With regards gaining trust, women were still found to be valuing face-to-face communications with 84% saying that in-person meetings are important for establishing trust.
And in the absence of in-person meeting, they preferably opt for communication by phone than by email, as is the case when it comes to questions about their statement (52%), a specific investment (42%) and market conditions (36%).
