(New York)

Many wealth management firms find themselves challenged by female clients. The industry has long been dominated by male advisors, and many firms have been slow to adapt to the needs of female clients. The increasing asset controlled by women has created more urgency to rectify this issue, and one approach that might aid in understanding how to better serve women is goals-based investing. According to one firm that has been very successful with female clients, “Women have to understand why they are doing stuff”. According to studies, meeting financial goals is more important to women than to men, and women tend to put more thought and work into defining the goals for their finances. Thus, making sure to deeply understand goals and explaining how certain investing/wealth management approaches will meet them is integral in making women feel comfortable.

FINSUM: Goals-based investing has many utilities in wealth management, and this one applies to a critical industry issue.