As a financial advisor, you may be wondering whether or not you should tap into the women’s market. In this lesson, we’re going to explore why you should and what opportunities this market offers.
Firstly, women are the largest segment of the US population and hold the largest amount of personal wealth. They own 12 million businesses nationwide and are in charge of 70 to 80% of household buying decisions. Women are also graduating from undergraduate and graduate school at a much faster pace than men are.
But perhaps the most compelling reason to tap into the women’s market is the fact that in the next 20 years, women are estimated to inherit two-thirds of the $30 trillion being transferred via inheritance from baby boomers. This means that women are set to hold north of 60% of US wealth in the coming years.
Additionally, 40% of households with assets over $500,000 are in control of women. Despite these facts, women remain an underserved and overlooked demographic in the financial industry.
So why should you do a social security seminar or market risk seminar specifically for women? The answer is simple: there are millions of financially sound reasons to do so. With so many women needing help and a lack of focus on this demographic by most advisors, tapping into the women’s market offers a wide-open opportunity.
It’s a perfect time to serve this market as the 30 trillion tidal wave of wealth transfer is already making landfall across the nation. By tapping into this vein of gold, you can not only help women with their financial needs but also increase your own success as a financial advisor.
In conclusion, tapping into the women’s market is a smart business move for any financial advisor. With women holding the majority of personal wealth and set to inherit a significant amount in the coming years, it’s a market with great potential. By focusing on this underserved demographic, you can not only make a difference in their lives but also grow your business.