There are no substantial differences between the portfolios of HNW men and women, but what differences there are in asset distribution are telling, according to a Spectrem report of investors based on gender.
Men have a higher overall distribution of investable assets than women (62% vs. 55%).
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A higher percentage of HNW women hold more assets in professionally managed accounts than men (28% vs. 24%), an indication of their greater tendency than men to rely on a financial advisor.
Of those who identify themselves as self-directed investors, meaning they make all of their own financial and investment decisions, 28% of men said they do not use any financial advisors vs. 22% of women.
Two of the benefits women find in working with a financial advisor, according to a 2012 Spectrem study, are being able to delegate responsibility to an expert and the peace of mind they say working with a financial advisor gives them.
The new report found that only 10% of HNW women investors consider themselves very knowledgeable about financial products and investments, compared with 28% of HNW men.
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By GlobalDataConversely, one-third of HNW women said they are not very knowledgeable vs. 11% of men (4% of women said they are not at all knowledgeable vs. 1% of men).
Similarly, HNW women are significantly less likely than men to say that they enjoy being actively involved in the day-to-day management of their investments (37% vs. 55%), an attitude that is heightened as wealth level increases.
For example, four-in-ten of the wealthiest women surveyed said they liked to be hands on in the management of their investments compared with nearly seven-in-ten (67%) of HNW men.
In examining the portfolios of HNW men and women, women have slightly less assets in their rollover, contributory and Roth IRAs (21% vs. 23% of men, a reflection perhaps of salary inequality and economic challenges that inhibit saving toward retirement).
Women, though, hold more assets in deposit accounts than men (14% and 11%). Their principal residence also comprises a higher percentage of their investable overall assets than men (16% vs. 13%).
