What you need to know to find success with women investors

Two studies are providing some critical insights into the financial goals and challenges of women investors, how they select their financial advisors, areas in which they need help, and how advisors can convert them into clients.

How women clients find their advisors

The first survey, by Edward Jones in partnership with Morning Consult, said that according to the U.S. financial advisors who were surveyed, 72% of their women clients who found them through a referral specifically sought recommendations from other women.
When seeking a financial advisor, women turn to their networks, and financial advisors said that their top referral source for their women clients come from clients’ friends and family (77%). In addition, surveyed financial advisors cited their ability to offer personalized, tailored financial advice (64%) as one of the top reasons women clients chose to work with them.

Unique challenges and goals of women investors

Whether balancing paying for their child’s education, paying for their children’s education, caring for aging loved ones, or focusing on saving for their own retirement, women investors have unique considerations and goals, the survey said.
Challenges like caregiving weigh on women investors, and three-fourths of financial advisors agreed that women clients’ caregiving duties have negatively impacted their ability to save for their financial goals (74%).

In addition, financial advisors said that more than three-fourths of women clients prioritize long-term investing over short-term investing (77).

Their top financial goals are:

• Contributing to their 401(k) plans (63%)
• Working toward financial independence (61%)
• Building their personal retirement savings (56%)

Developing authentic connections with clients

When trying to build an authentic connection with clients, financial advisors said they focused primarily on:

• Being transparent and honest about results, fees and services (72%)
• Actively listening to their clients’ needs and concerns (68%)

-Regularly following up to check on their progress, and involving them in every step of the decision-making process (66%)

“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.”

More insights on women investors

The next survey, this one by Corebridge Financial, said that the firm surveyed more than 2,500 women to understand the actions they are taking for their financial future, how they feel about money and investing, and how professional financial guidance may help them achieve better outcomes.

Here are some of the findings from the Corebridge Financial survey:

Financial independence is pivotal: For women today, financial independence and living comfortably help define success. About 2 out of 3 women said that the following factors come to mind when they think of having a successful life:

• Being financially independent: 69%
• Comfortably living the lifestyle of their choosing: 67%
• Providing for their family: 62%

Additionally, saving enough for retirement is a key success factor for Gen X women (59%) and Baby Boomer women (61%). Inflation remains a worry for 53% of women, and nearly 1-in-3 are concerned about running out of money in retirement, and their ability to retire comfortably.

Only 35% of women said that they are very, or somewhat confident in their ability to plan for retirement, compared to nearly half of men (49%). Women are also less confident than men in their ability to manage their money to last as long as they live.

Along with worries about running out of money in retirement, annuity ownership is very low. Only 7% of women reported owning an annuity, even though annuities are specifically structured to provide lifetime income in retirement, the survey said. Baby Boomer women are more like to have an annuity (13%), but this drops to 4% of Gen X women.

When the Corebridge Financial survey asked women about their level of knowledge across several financial topics, it found that they are more knowledgeable about:

• Basic money management
• Debt management
• Life insurance
• Retirement planning

They are less knowledgeable about:

• Alternative investments
• The stock market
• Investment strategies
• Lifetime income products
• How much money they’ll need in retirement

And the seven topics they want to learn more about are:

1. Social Security options and how Social Security timing will affect their income in retirement
2. The cost of medical care in retirement
3. How Medicare works and how it is paid for
4. Estimating expenses in retirement
5. How taxes impact their income in retirement
6. Long-term-care planning
7. Retirement-spending strategy

Many women lack professional financial guidance

The survey also pointed out that the majority of women may not be getting the professional financial guidance they need and deserve in order to help them plan for their future and reach their financial goals. For example, 66% of women said that they do not currently work with a financial professional, compared to 55% of men.

Broken down by generation:

• Millennial women (22%) are the most likely to work with their own financial professional.

• 21% of Gen Z and Gen X women work with a financial professional, followed by 20% of Baby Boomer women.

The effects of working with a financial professional

In addition, the survey shared some differences in women who work with a financial professional:

• Nearly three in four women who work with a financial professional are taking action to address their financial concerns.
• Among women who do not use a financial professional, only about one in two are taking action to address their financial concerns.
• Women who work with a financial professional are more than two times as confident in their ability to plan for a retirement and manage their retirement money, so it lasts as long as they live.

Converting women investors into clients

So, what does it take to convert women investors into clients? The Edward Jones survey said that the top three most important factors are:

• Providing clear communication and education (65%)
• Being empathetic towards their financial situations (64%)
• Maintaining regular and transparent communication (63%)

The Edward Jones survey was conducted by global data intelligence company Morning Consult among a national sample of 405 financial advisors from August 22 – September 6, 2024.

The 2024 Corebridge Financial Survey on women and investing was conducted online May 2-8, 2024, by Morning Consult among a national sample of 4,023 U.S. adults.

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