Closing the gender gap: Why financial advisors need a fresh approach with women investors

Women continue to be an economic force in the United States—despite the persistent gender pay gap and pandemic setbacks. Yet, despite their growing wealth, women report lower satisfaction with their financial advisors and their financial lives than men, and less knowledge of both. As women control more wealth either through their own means or via inheritance, they are likely to reassess their existing advisor relationships with more scrutiny. Have you and your firm demonstrated that you are the right partner to help women navigate their financial lives in the years to come? If not, what can you start doing today to put your firm in a better position to retain and grow these relationships?

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Key Insights

  • Strengthening relationships with women is integral to the growth and long-term sustainability of wealth management firms as more of the nation's wealth shifts to women.
  • Fidelity's latest survey of investors uncovered meaningful gaps between how women and men feel about both their financial lives and their financial advisors—with women reporting less satisfaction and knowledge.
  • Gender disparities in advisor communication likely play a significant role in how women feel.
  • Wealth management firms have the opportunity to provide a better experience to the women they serve by addressing potential gender disparities within their own client bases.
  • Firms can begin by conducting a relationship audit, communicating with intention, and focusing on the Three E's: Engaging proactively, Educating regularly, and Elevating your offering.
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