A Corporate Insight report
sees an untapped market segment for financial advisors and the mutual fund firms they work with. Women, the New York City-based consulting firm says, are entering investing in rising numbers, but financial advisors are not giving them attention.
The report praised DWS Investments
for their efforts to educate advisors on how to market to women.
Overall, however, Corporate Insight found that fund firms did a poor job helping advisors target female investors. Few materials were available, the report's authors determined, and those that existed were not easily accessible.
Corporate Insight estimated that 80 to 90 percent of all women will control their finances in their lifetimes.
“Women face a unique set of financial challenges compared to men, including lower wages, a longer lifespan and more time out of the workforce to care for the family, on average. These factors lead to reduced Social Security benefits and, in most cases, the need to manage their own assets at some point during their life,” stated Lauren Wistrom
, a senior analyst. “Financial advisors should recognize these challenges and the needs of female investors as an opportunity, and do their best to encourage women to take charge of their financial futures.”
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