Women are not a niche: Why financial advisors must look beyond gender
May 2, 2019 by Maddy Perkins
Finding a niche can help planners build their businesses — but advisors looking to serve female clients better may need to be careful how they use that term.
A little over half of the U.S. population — roughly 166 million people — are women, many of whom control their families’ wealth. Given the sheer number, it’s vital that advisors recognize how women’s planning needs are different from men’s while being careful not to lump them into a singular group.
It’s a common oversight, however, given how many planners seek to distinguish their practices based on specialities. Niche-based planning is now so widespread that it’s become Practice Management 101, according to Kate Healy, managing director of Generation Next at TD Ameritrade Institutional.
“When somebody starts the business, they work with everybody,” she says. “As the business grows, they find clients that share their values. … That’s the type of client you should be working with. It’s not a gender.”
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