In wealth management world wealthy women mean big business and it’s about time these ladies get the attention they merit.
After all, women control around $14 trillion in assets in the US, a sum equivalent to the gross domestic products of China and India together. All this money and yet women remain underserved.
Shelly O’Connor the co-head of wealth management at Morgan Stanley, emphasizes that the industry needs to revamp its service offerings to reflect the power of female clients. Firms need to listen to what women want, and they also need to increase diversity among advisors and branch managers. “The success of wealth management in the years ahead depends on making sure we all look like the clients and communities we serve.”
Women frequently outlive their spouses, and inherit money from their parents. They’re also being more educated and sophisticated about investing. With these demographic shifts strengthening, woman have significantly more authority in financial decision-making. One wealth manager notes that the female half of the couple is increasingly making the decisions, and this is perhaps the most powerful trend in wealth management.
During the course of this year, Bank of America/Merrill Lynch will be holding a series of events, Women, Life and Money, across ten markets in the US. The presentations will feature authors and well-known speakers. The bank is also sponsoring research into the financial needs of its diverse client base.
Jen Auerbach, head of strategic growth markets at Merrill Lynch Wealth Management, notes: “This is a commercial imperative. The gender of wealth in our country has fundamentally changed, and the complexion of wealth in our country is going to continue to change. It is only going to accelerate.”
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Rich women increasingly call the shots, wealth management execs say | On Wall Street