Panelists Discuss What Women Want in Investing

Posted by adaniels in Blog on June 11, 2012

Financial advisors are not doing enough to get women clients in the fold – and to keep them there. That’s what speakers in a recent conference revealed, reports.

“Women Investors: Capturing a Significant Business Opportunity,” a session at Pershing’s Insite Financial Solutions Conference for 2012, talked about the issue. “More than 70% of married women fire their financial professionals within one year of their husbands’ death,” Kim Dellarocca of Pershing, the panel’s moderator, said. The reason for this is that is “because advisors are failing in the way they service them,” she said. Dellarocca said much of that is because many financial advisors do not pay attention to what women are indicating they want whether it be verbally or non-verbally.

Dellarocca also said that financial advisors should not think of women as a specialty market, but should realize that they have a diverse clientele, with varying needs, such as those who are single, those who are in same-sex partnerships, or those with children who have special needs. The Pershing executive noted that women can understand varying financial strategies. “Women will take risks if they understand them, she said.

Michelle Smith of Alexandra & James Advisory Services said that many women dump their old financial advisors when divorcing because they may have been established by their husbands. “They can’t trust that life,” she said.

Barbara Hudock of Hudock Moyer Wealth Resources said that financial advisors need to work at getting women’s trust right from the beginning of the relationship. “Bring women in,” she told the conference attendees. “Make them come to the meetings. Talk to the women. They become animated.”

Written by Lisa Swan


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