Women want financial peace of mind — not stack of cash: Research

Planning seen more as protection against the unexpected, rather than a wealth accumulator
MAR 29, 2012
When it comes to women investors, the conventional wisdom is often wrong, according to research by LPL Financial LLC. "There is a sea of sameness when it comes to marketing materials and approach," said Marissa Fox-Foley, executive vice president of marketing at LPL Financial, the nation's largest broker-dealer and a unit of LPL Investment Holdings Inc. After conducting research that included a survey and focus group studies, Ms. Fox-Foley's group found that women go through identifiable life stages that require different approaches. A behavioral psychologist helped condense the findings into a guidebook, available to advisers along with marketing materials and best-practices guidance through the web portal WomenInvest, which was launched this week. The guidebook offers language suggestions and even nonverbal communication advisers should use to build stronger relationships with women. It also provides specific guidance on working with women who are in a relationship, in transition, in business or in the retirement stage of their lives. One of the group's most intriguing findings is that women investors place far more importance on using financial planning to gain peace of mind than on the concept of accumulating wealth. "Women see financial planning as a way to protect themselves against the unexpected," Ms. Fox-Foley said. "Linking the financial planning relationship to achieving peace of mind is more relevant to female investors than wealth accumulation." Another key finding is that even when the husband takes the primary role in financial planning, the wife plays a more active role behind the scenes than many advisers realize, Ms. Fox-Foley said. Frequently, couples discuss financial issues extensively between themselves, even though the husband takes the lead at the financial adviser's office.

Latest News

Summit Financial, MassMutual boost advisor appeal with growth-focused tech
Summit Financial, MassMutual boost advisor appeal with growth-focused tech

Summit Financial unveiled a suite of eight new tools, including AI lead gen and digital marketing software, while MassMutual forges a new partnership with Orion.

SEC enforcement actions drop sharply, with focus shifting to investor fraud
SEC enforcement actions drop sharply, with focus shifting to investor fraud

A new analysis shows the number of actions plummeting over a six-month period, potentially due to changing priorities and staffing reductions at the agency.

MAI inks mega-deal with Evoke Advisors to form $60B AUM firm
MAI inks mega-deal with Evoke Advisors to form $60B AUM firm

The strategic merger of equals with the $27 billion RIA firm in Los Angeles marks what could be the largest unification of the summer 2025 M&A season.

Employees tapping retirement funds amid financial strain, led by Gen Zs
Employees tapping retirement funds amid financial strain, led by Gen Zs

Report highlights lack of options for those faced with emergency expenses.

LPL Financial on target to retain 90% of Commonwealth financial advisors, Wolfe Research analyst says
LPL Financial on target to retain 90% of Commonwealth financial advisors, Wolfe Research analyst says

However, Raymond James has had success recruiting Commonwealth advisors.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.