Women, Money and Realizing Financial Goals: How Financial Institutions Can Better Serve Their Female Clients

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13 June 2016


Despite controlling a significant portion of the world's wealth, females are an overlooked segment of the market. Given the size and diversity of female clients across generational cohorts in terms of behavioral characteristics, financial goals, technological aptitude, and product and service needs, insurers should increase their understanding of and investment in this particular section of the market.

Despite their rising workforce participation and escalating income, it appears that American women still have major gaps and unmet needs when it comes to achieving comfort and confidence with money. Whether by circumstance or by choice, women are finding themselves in roles where they must be responsible for long-term financial needs and security.

Female financial services clients are a substantial and overlooked segment of the market despite controlling a significant portion of the world’s wealth. High net worth (HNW) and ultra-high net worth (UHNW) women have frequently cited their dissatisfaction with the services they receive from advisors and the financial services industry.

As insurance professionals endeavor to better understand and better respond to the financial needs of women, the relationship between advisors and their female clients has improved, but there is more progress to be made in meeting women’s financial goals and needs.

“The proliferation of women into the HNW and UHNW client profile, including the significant wave of next-gen millennial clients, presents an exciting yet complex landscape for insurers and financial advisors,” says Colleen Risk, a senior analyst in Celent’s Insurance practice and coauthor of the report, “Women are no longer a niche market as they take a more active role in managing their finances and aggressively pursue their financial goals.”

This report segments the market by generations, explores this unique advisor-client relationship, and describes how financial advisors adjust their advisory models by using today’s technology to better serve this segment of the market.