There is a growing body of evidence that independent advisory businesses would be more successful if they had more female financial planners. An excellent example of this is the TIAA-CREF Asset Management Survey (of 1,004 Americans at least 21 years old with $100,000 or more in investable assets, and who currently work with a financial advisor) released last June. It concluded, among other things, that “70% of women leave their financial advisors within a year of being widowed.” As we all know, women tend to live longer than men, which means firms that fail to build solid client relationships with both spouses face the prospect of very high turnover among their wealthiest clients.
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