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March 20, 2023
Women are generating, managing and investing more wealth in the U.S. than ever before. In fact, two-thirds of high-earning households today have women as primary or co-breadwinners for their families.
And when looking at the rising generation of earners, 75% of women under 45 manage their own finances (Source: Merrill Lynch, Seeing the unseen: The role gender plays in wealth management, 2022). Considering women outlive men by an average of five years, these trends translate to significant and lasting gains in economic power, both in decision-making and investable assets.
So, what does this mean for wealth managers and advisory firms? While the core services that women need may not differ from their male counterparts, the approach must be nuanced in order to effectively support this important market segment.
The American College of Financial Services is excited to partner with Financial Advisor magazine to launch “Women In Planning,” a monthly column dedicated to the contemporary planning needs of modern women. The column is expected to launch late March 2023.
“Over the decades, women have steadily increased their financial power. Women are earning more, learning more and making more financial decisions than ever before,” says Hilary Fiorella, executive director of the Center for Women in Financial Services at The American College of Financial Services. “This initiative aims to arm the industry with the tools needed to better serve the significant market opportunity that women represent.”