Empowering, Educating, and Engaging Women Clients

Blayney, Eleanor
October 2010
Journal of Financial Planning;Oct2010, Vol. 23 Issue 10, p48
Academic Journal
Today's women are making great strides among the ranks of professionals. Studies consistently highlight a gap between men and women in terms of their needs and involvement in the management of their personal finances and investment assets. Many financial advisers do not fully appreciate the differences between the financial styles of women and men, and fail to address women's needs or play to their strengths. Women have the capacity to effectively plan and manage their finances, but many lack the knowledge, skills, and experience to make decisions about their money and resources. They would like to find advisers who will educate and empower them, but too many distrust the financial services sector. As a profession, financial planners can build trust with a female clientele by a thoughtful and comprehensive review of all aspects of their practice, including their planning process, their subject matter expertise, and their relationship management. In their planning process, planners should provide financial education, consider their style of goal setting, and be open to providing advice, not just analysis. In their subject matter expertise, planners should pay special attention to the unique needs of women, who typically earn less, work in entrepreneurial and non-traditional enterprises, live longer, need more late-in-life care, and give away more of their resources. In their relationship management, planners should consider the collaborative and community-oriented style in which women traditionally learn.


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