If you’re looking for an attractive source of new business, you might consider high-net-worth divorcées who aren’t being well-served by their current advisor. Here are some of the characteristics of these prospects, as uncovered by Spectrem Group research:
They represent sizable wealth. They head 7% of households with net worth of $1 million to $5 million, and 9% of households with $5 million to $25 million.
They’re older. The average age is 63, and about half (52%) are retired.
They’re financially savvy. Nearly three-fourths (73%) say they are “knowledgeable” or “very knowledgeable” about investments (sometimes more so than their ex-spouse was).
They enjoy investing. They like it more than widows do, and are more confident in their investment abilities. One out of five wealthy divorcées (21%) makes her own decisions without help from a financial professional.
Most work with a financial advisor. This is typically a full-service broker (40%), but may also be a mutual fund company representative or a discount or online broker.