Thirteen years ago, Rebecca True was working in New York City as a technology executive for Bank of America Securities. On September 11, 2001, many of her largest clients were killed in the attacks on the World Trade Center. Because she was one of the few women in the company, she was thrust into a role of talking to the widows and helping them begin to rebuild and take care of their families. During the next eight months, she realized she had something to bring that was “far more important than building websites.”
Today, she is a financial advisor who specializes in working with women. Here are a few key stats and takeaways she shared with attendees of the 2014 Advisor Network Summit in Las Vegas.
- The female economy is now one of the largest on Earth and is expanding every day.
- Women business owners are contributing to the fastest growing segment of the economy.
- 92 percent of women become the primary decision maker at some point in their lives.
- By age 65, the majority of women are single.
- 70 percent of inheritance will go to women and this will continue to be true for the next 40 years.
- Women comprise 35 percent of all management positions and 23 percent of senior management positions.
- Women are very philanthropic.
Defining the women’s niche
Women are not a niche market. So, what is the niche?
- Women business owners
- Corporate executive women in a specific industry
- Women in transition – divorcees, widows, sudden inheritors
One size does not fit all women
Women have a distinct lack of trust when it comes to the financial industry and advisors. 73 percent are dissatisfied with the industry. They are overlooked, excluded, receive contradictory and poor advice, and get worse deals and terms than men.
- Boston Consulting Group Survey 2012
- Saving for retirement – 71 percent
- Juggling work and family responsibilities – 47 percent
- Caring for immediate family – 28 percent
- Caring for elderly parent or relative – 26 percent
- Taking care of my business – 25 percent
- Outside recreational activities – 24 percent
- Volunteer work, community activities – 19 percent
- LPL WomenInvest White Paper