Women, wealth, and wisdom: engaging female clients and prospects

Today, women are a major economic force, and their strength is only growing. They’re investing in themselves more than ever and are increasingly taking greater ownership of their financial journeys. Often, it’s a necessity not borne out of choice. One study found that 90% of women will have sole responsibility for their finances at some point in their lives, owing to factors such as divorce, the death of a spouse, increasing longevity, and women choosing to remain single. 

Women are a major economic force

The opportunity to increase engagement with female clients comes amid growing recognition of women’s untapped potential, talents, and leadership. Today, women are more empowered in business than ever.

·  Women own 40% of all businesses in the United States, generating $1.8 trillion annually.

· There are 114% more women entrepreneurs than 20 years ago.

· The number of women in the 1,000 top executive positions at Fortune 100 companies has increased by 27% since 1980.

The growing earning power of women

All these statistics point to the fact that women’s earning power is growing. In fact, 54% of working women are primary breadwinners and 30% more married women are making financial and investment decisions than they were five years ago. We’re seeing the positive impact of all of this on women and their wealth. We believe that earning power is likely to continue growing, given the increasing representation of women in business leadership, including boardrooms, the C-suite, and entrepreneurship.

Women want advice on financial planning

With many women seeing their earning power increase, their interest in professional financial advice is growing. In fact, women tend to value the need for advice more highly than men. In one 2022 survey, 87% of women indicated that they value the importance of professional advice versus 78% for men. Furthermore, 58% of women versus 43% of men said they expect to need expert advice in the future. Another survey found that most women would rather have an account managed by a financial professional than a self-directed or digital-only service, and women are more likely than men to seek out advice about broader financial planning rather than the investment- and trading-specific questions that were a focus for many men. The bottom line: regardless of gender, having a defined financial strategy and goals can help anyone make financial decisions with confidence.

Help women take charge of their financial futures

At John Hancock Investment Management, one of our goals is to offer resources to financial professionals to help them empower their female clients and help build their confidence. One such resource is Women, wealth, and wisdom, which focuses on financial planning issues that women may face at various stages of life. This presentation and related resources provide nine robust case studies, each with an associated worksheet, checklist, or primer.  These materials cover topics such as estate planning, caring for aging parents, strategic philanthropy, and more. In addition, we offer a client-facing seminar and resources page for this program. We hope you'll find this suite of resources a valuable addition to your practice.