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Advisors' keys to success working with women investors

How can advisors capture a sustainable share of the booming women's market? To help find out, Schwab Asset Management engaged Cerulli Associates to interview top advisors about their best practices for attracting and retaining women clients. Here are some highlights of what we found.

Methodology

Cerulli Associates interviewed 31 advisors and 6 home office diversity executives across various types of advisory firms. All specialized in serving women investors.

Research participants were required to have a minimum of five years' experience as a financial advisor, $50 million in client assets under management (AUM), and a majority of women clients.

Statistics about advisors and women

What top advisors said

Successful financial advisors shared their perspectives and insights into how practices can work effectively with women investors across three key areas of the client experience: client acquisition, engagement and communication, and planning and portfolio construction.

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Client acquisition

Targeted segmentation

Targeted segmentation of the women investor market, enabling a tailored approach by life stage, profession, interests, etc.

alliances
Client acquisition

Strategic alliances

Strategic alliances with an external network of women professionals (e.g., attorneys, CPAs)

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Client acquisition

Local involvement

Involvement with local nonprofits and philanthropic presence in the community, particularly with organizations that serve and empower women

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Engagement and communication

Thoughtful gestures

Small, personal gestures, such as recognizing milestones, conveying condolences, and expressing gratitude for referrals

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Engagement and communication

Effective communication

Use of active listening strategies and effective communication techniques

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Engagement and communication

Spousal involvement

Equal engagement and ongoing involvement of both spouses in planning conversations, review meetings, and regular communications

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Planning and portfolio construction

Focused conversations

Financial planning conversations that lead with values and prioritize progress toward goals over investment performance

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Planning and portfolio construction

Offer additional services

Multigenerational planning services and financial literacy programming for clients’ children

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Planning and portfolio construction

ESG integration

Integration of environmental, social, and governance factors into the portfolio construction process

Get more research insights

Women are an ever-growing segment of the market for financial advisors. To learn more about what the research uncovered, download a complimentary whitepaper, best practices advisor guide and top 40 list of action steps you can take today.

Whitepaper

Best practices for advisors when working with women investors

Gain insights and perspectives from successful financial advisors who work effectively with women clients.

Advisor Guide

Best practices of top advisors

Learn the strategies top advisors use to acquire and retain women clients.

Top 40 list

Strategies for working with women investors

Explore a list of inspiring ideas you can start implementing today.

Value-add program

Explore our educational program offering best practices and actionable strategies to help you effectively engage and serve women. For more information, view the Women+Investing program.