Women seek referrals from other women
St. LOUIS, October 22, 2024 āAccording to U.S. financial advisors, 72% of their women clients who found them through a referral specifically sought recommendations from other women, finds a new survey from Edward Jones, in partnership with Morning Consult. With two-thirds of American women viewing themselves as the āChief Financial Officerā of their family, itās clear that women are increasingly taking a bigger role in their financial future, and there is a growing opportunity for financial advisors to serve them.
When seeking a financial advisor, women turn to their networks, and financial advisors say their top referral source for their women clients come from clientās friends and family (77%). Surveyed financial advisors note their ability to offer personalized, tailored financial advice (64%) as one of the top reasons why women clients chose to work with them.
When trying to build an authentic connection with clients, financial advisors report focusing primarily on being transparent and honest about results,Ā fees and servicesĀ (72%), actively listening to their needs and concerns (68%), regularly following up to check on their progress, and involving them in every step of the decision-making process (66%).
āAuthenticity and transparency are paramount in building successful client relationships. All investors value a financial advisor who takes time to understand their unique financial needs,ā said Jasmine Butler, financial advisor at Edward Jones. āAs a woman, I bring warmth and empathy to my client conversations. Saying, I get you and I'm here to guide you every step of your financial journey really resonates."
Empathy, transparency and communication are key to conversion
When it comes to converting women investors into clients, financial advisors highlight the top three most important factors are providing clear communication and education (65%), being empathetic towards their financial situations (64%) and maintaining regular and transparent communication (63%).
āAt Edward Jones, financial advisors are offered the opportunity to build their practice their way. Our practice models offer flexibility along with advanced products and tools enabling our financial advisors to serve more clients, more completely. This includes taking a goals-based approach to help women investors with complex needs,ā added Butler.
Supporting women investors as they balance priorities
Whether balancingĀ paying for their childās education, caring for aging loved ones, or focusing on saving for their own retirement, women investors have unique considerations and goals. Challenges like caregiving weigh on women investors, and three-fourths of financial advisors agree that women clientsā caregiving duties have negatively impacted their ability to save for their financial goals (74%).
Financial advisors report more than three-fourths of women clients prioritize long-term investing over short-term investing (77%), with their top financial goals being contributing to their 401(k) (63%), working toward financial independence (61%) and building personal retirement savings (56%).
To learn more about this research, please visitĀ www.edwardjones.com/womeninvestors.
Methodology
This survey was conducted by global data intelligence company Morning Consult among a national sample of 405 financial advisors from August 22 ā September 6, 2024.
Editorial Roundup: United States
Federal Reserve Bank expert offers cash usage insights
Annuity News
Health/Employee Benefits News
Life Insurance News
Property and Casualty News