72% of female clients of U.S. financial advisors specifically sought recommendations from other women, and 64% of advisors understand that their ability to provide personalized and tailored financial advice is one of the main reasons clients choose to work with them.
These findings come from a new survey of 405 financial advisors from the financial services firm Edward Jones, conducted in collaboration with Morning Consult between August 22 and September 6, 2024.
“Considering that two-thirds of American women see themselves as the Chief Financial Officers of their families, it’s clear that women are taking an increasingly important role in their financial future, and there is a growing opportunity for financial advisors to serve them,” the report states.
According to the Edward Jones study, when looking for a financial advisor, women turn to their networks. To establish a genuine connection with clients, financial advisors report that they focus primarily on being transparent and honest about outcomes, fees, and services (72%), actively listening to their needs and concerns (68%), and regularly following up to track progress and involve them in every step of the decision-making process (66%).
“Authenticity and transparency are essential for building meaningful client relationships. All investors value a financial advisor who takes the time to understand their unique financial needs,” said Jasmine Butler, a financial advisor at Edward Jones.
When it comes to converting women investors into clients, financial advisors highlight three key factors: providing clear communication and education (65%), being empathetic toward their financial situations (64%), and maintaining regular and transparent communication (63%).
According to the surveyed financial advisors, more than three-quarters of female clients prioritize long-term investing over short-term investing (77%). Their top financial goals include contributing to their retirement plan (63%), working toward financial independence (61%), and building personal retirement savings (56%).
