With women controlling more wealth in the US today, the importance of advisors ensuring they offer a service that works for female clients is clear, and that includes how it impacts referrals.
More than seven in ten financial advisors who have women clients who came to them from referrals have told a new survey from Edward Jones that those clients sought out recommendations from other women.
Women’s friends are family are likely to be the source of the referral (77%) and the chance of being recommended rises for those advisors that offer strong levels of personalized, tailored financial advice (64%).
It’s also important that advisors are authentic and transparent about results, fees, and services, listen to clients’ needs, have regular check ins with them to gauge progress, and involve them fully in the decision making process.
The three key factors that turn female investors into clients, according to financial advisors who took part in the research are:
On the second point, this involves recognizing that women are likely to shouldering the main caregiving responsibilities including children and aging parents – three quarters of advisors agree that women clients’ caregiving duties have negatively impacted their ability to save for their financial goals (74%).
It’s also vital that advisors focus on how women want to invest, which tends to favor long-term investments over short-term gains, with the survey finding that women clients’ top three financial goals are:
“Authenticity and transparency are paramount in building successful client relationships. All investors value a financial advisor who takes time to understand their unique financial needs,” said Jasmine Butler, financial advisor at Edward Jones. “As 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."
For sellers weighing PE deals, due diligence shouldn't end with the offer on the table – the acquiring platform and the M&A advisor deserve a hard look as well.
South Carolina estate planning firm joins Osaic’s IBD network, citing succession planning tools and multigenerational growth resources.
A new SIFMA and KPMG study of more than 2,100 US investors finds satisfaction high, AI-only trust falling, and demand for human guidance growing across every generation.
Retail banks and private wealth firms scored 40 in Fitch's AI stress test, signaling possible one-notch downgrade risk under an adverse scenario.
Elsewhere, Wells Fargo Advisors adds a $400 million Morgan Stanley veteran in Naples as an ex-Cetera advisor goes independent with LPL.
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
