A Financial Planning Focus on Millennial Women

At this stage of your career, you’ve likely grown quite comfortable guiding retirees and those approaching retirement toward their financial goals. But if you’re still looking to position your firm for growth, a focus on financial planning for millennial women is a path worth exploring.

A Look at the Facts

Diversifying with a younger clientele can help shore up your business continuity plans. How? Just take a look at the facts:

• Millennial women (ages 23–39) are quickly approaching their peak earning years and could benefit from your expertise.
• According to research from the Boston Consulting Group, women currently control 32 percent of global wealth, or $216 trillion—and that number is only projected to increase.
• There’s no doubt women are growing financially and rapidly climbing the career ladder.

Despite these positive trends, millennial women are lagging with respect to financial decision-making, according to a study by UBS. That same study revealed the surprising statistic that 56 percent of millennial women defer financial decisions to their husbands. The reason? Female investors trail their male counterparts when it comes to investment knowledge and confidence. Although nearly half of all men feel comfortable making investment decisions, only 34 percent of women feel the same way. And this is exactly where your role as a financial advisor is critical.

Rising to the Challenge

There’s no doubt you have the opportunity to help address this group’s unique challenges, as well as to build trusting, lifelong client relationships. An excellent place to start is with our checklist for financial advisors that focuses on financial planning for millennial women.

From student loan debt to employer-sponsored benefits, it offers you areas to focus on with younger clients to help them think proactively about securing their financial future. To get all the details, download our complimentary checklist, Financial Planning for Millennial Women: A Checklist for Financial Advisors.

Help guide younger female clients toward a healthy financial future with this simple checklist.

This post originally appeared on Insights, a blog authored by subject-matter specialists at Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.

Anna Hays is an advanced planning consultant at Commonwealth Financial Network.