Client Service

Female Advisers Try to Include Both Spouses in Meetings

They are also starting to create women’s networks to retain female clients.

By Lee Barney editors@strategic-i.com | March 10, 2017
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Edward Jones surveyed 100 of its top female advisers who attended its annual Women’s Conference in February about their concerns and how they are serving their female clients. The most substantial finding is that 64% believe it is important to include both spouses in meetings. This sentiment is consistent among all age groups—65% among those 29-44, 64% among those 45-63 and 67% among those older than 63.

“I find that involving both spouses in meetings is incredibly beneficial from a client retention perspective,” says financial adviser Jennifer Marcontell. “This ensures that female individuals are involved in the planning process and helps me as a financial adviser to better understand the family’s financial goals and concerns.”

Citing data from the Center for Talent Innovation, Edward Jones notes that women hold 39% of the nation’s $28.6 trillion in investable assets—and that nearly 90% of women will take sole control of their finances at some point in their lives. Edward Jones says this is the largest market opportunity for financial advisers, be they male or female.

Other efforts that women financial advisers are making to retain female clients include leveraging existing client relationships, cited by 29%. But some female advisers are also starting to employ new techniques, including creating women’s networks, cited by 4%, and using advertising and social media, which 3% are doing. Interestingly, while a mere 4% are using women’s networks, 100% of the female advisers between the ages of 45 and 63 said that this could be the most impactful strategy.

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