Wealth managers have a growing client base: women. But despite this trend, wealth managers face challenges figuring out how to best serve women.
White & Case Private Clients Partner Kerry O'Rourke Perri talked with the Financial Times about the progress wealth managers have made to adapt their services for female clients. "As the amount of wealth controlled by women has increased, we’ve seen a correlation in wealth managers’ efforts to tailor their advisory model to reflect observed differences in women’s approach to money," she said.
Perri also told the FT "that, in addition to wealth seminars focusing on investing and returns, she is increasingly invited to sessions hosted by wealth managers on topics such as talking to your children about money and caring for ageing parents."
Perri explains: "This really reflects the demand for a more holistic approach to wealth management and planning that we tend to see more from women. An all-female panel that I spoke at last year was aimed at educating a wealth manager's women clients about how to prepare in advance for major life events — marriage, kids, divorce, retirement, incapacity and death — which is really something that would not have existed 10 to 15 years ago."
Perri also told the FT "she often receives referrals from wealth managers whose female clients are looking for other like-minded professionals who can identify with their investment priorities, communication preferences and decision-making processes."
"In my experience, a conversation with a female client can be somewhat different than a conversation with a male client and many women simply feel more comfortable talking to other women about sensitive issues," she said.
To read more about wealth managers working with female clients, click here for the full article in the Financial Times.
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