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.
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.
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.
Targeted segmentation of the women investor market, enabling a tailored approach by life stage, profession, interests, etc.
Strategic alliances with an external network of women professionals (e.g., attorneys, CPAs)
Involvement with local nonprofits and philanthropic presence in the community, particularly with organizations that serve and empower women
Small, personal gestures, such as recognizing milestones, conveying condolences, and expressing gratitude for referrals
Use of active listening strategies and effective communication techniques
Equal engagement and ongoing involvement of both spouses in planning conversations, review meetings, and regular communications
Financial planning conversations that lead with values and prioritize progress toward goals over investment performance
Offer additional services
Multigenerational planning services and financial literacy programming for clients’ children
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.
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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.