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Who Makes Better Clients: Men or Women?

We’ve all heard that women investors are a largely untapped demographic. What you might not know is that they tend to make more receptive clients, too.


Today, the battle between men and women rages on about a number of issues—both trivial and serious in nature. But in one area, things may finally be settled. Recent research shows women investors are easier for financial advisors to work with than their male-counterparts.1

FAs who haven’t increasingly engaged female prospects may be missing out on engaging a huge demographic who can make their jobs easier. But before accusations of unsubstantiated gender bias are lobbed out there, let’s take a quick look at the reasons why.

 

A Better Investor?

What makes women investors more receptive clients? They want advice, they recognize the value of it, and they will ask for it. Women prefer a person telling them in a clear, relevant, and even fun manner, rather than simply reading about it.2

Women investors also:

  • Focus on longer-term, non-monetary goals by keeping the bigger picture in mind. Instead of merely viewing money as a means to purchase something, women view it as a representation of independence and security.
  • Are more likely to ask for direction. In contrast, the majority of men prefer to make financial decisions entirely on their own.
  • Tend to be more thorough. They take more time making decisions. They’re also more likely to research investments

Despite the strides women have made, they still lack confidence.3 Research shows that while half of affluent women feel men have more confidence in their investing ability, only a quarter think men are actually more skilled in investing. Confidence and skill are not the same.

This is where a trusted financial advisor can step in by empowering female clients to tackle their goals.

 

How You Can Help

Finding and retaining more women clients doesn’t have to be difficult. Understanding the importance of this demographic to the future of your business is the first step. The second is setting yourself on the path to discovering what you can do to be the type of advisor they’re seeking. And remember, women are more likely to make more referrals to their financial advisor—both in person and online.4 Make the experience a positive one.

What are your next steps?

  • Discover more with “Investing Your Way” educational content designed by Hartford Funds for women investors. Build and strengthen relationships with female clients by helping them recognizing the challenges they face and educating them about their options.
  • Learn how to identify existing opportunities in your book of business and how to best to prospect new female clients by viewing the “Women Investors: The $22 Trillion Opportunity” webinar replay. Want more after watching? Enter your email address on the landing page to receive additional information.
  • Contact your Hartford Funds advisor consultant about hosting a client seminar exclusively for women. Click here to learn more about the ins and outs of hosting an engaging event.

 


 

U.S. News & World Report, “Are Women Better Investors Than Men?”, 09/15/15

2 U.S. News & World Report, “4 Ways Women Are Better Investors Than Men”, 12/17/13, most recent data available used

CNBC, “An Investment Challenge More Women Need to Confront,” www.cnbc.com, 02/11/15

4 Investment News, “Female Clients More Likely Than Men to Make Referrals,” 04/24/12, most recent data available used