Wealth managers could benefit from reading Men are from Mars, Women are from Venus. Written nearly 20 years ago, the bestseller details the differences between the sexes and how to appreciate them.
At a time when women control more than 51%, or $14 trillion, of personal wealth in the US and are expected to control two-thirds by 2030, financial service providers aren’t giving women what they want when it comes to wealth management.
This is according to a new report from the Family Wealth Advisors Council, a US-based network of independent wealth advisers.
The study, which analysed responses from 550 women millionaires, said that a “one-size-fits-all” approach doesn’t work. Specifically, wealthy women want to be “understood”, “communicated with clearly” and have an “authentic relationship” with their wealth advisers.
The research added that advisers have to understand “[women’s] entire life picture, not just their finances”, while “tailoring the approach” they take to look after their wealth.