You’ve probably heard that the “women’s market” is still untapped by financial advisors. While that statement is true, not every woman is a good prospect. That may sound harsh, but hear me out.
Not every man is a good prospect either, right? With any marketing effort, it’s all about targeting. In this case, you’ll want to target women who have financial wherewithal, are receptive to financial advisors and will respond positively to the services you offer. The segment that checks all of those boxes is women over 50.
The 2014 U.S. Census reported that 108,727,506 Americans were 50 years old or older. Of that group, 53.5%, or 58 million, were women. There’s no question that women are coming into their own financially.
Today’s estimates indicate that by 2028, women will control 75% of the world’s discretionary spending, and by 2030, they will own 66% of America’s wealth.
The increase in wealth controlled by women is driven, in great part, by two trends:
Gray Divorce: The Opportunity to Become Financially Empowered
About 25% of divorces now involve couples over 50, a rate that has doubled since the 1990s.
When couples divorce at older ages, division of property is often more complicated because, by that age, many couples have accumulated significant financial assets, real estate holdings and business interests. Having a trusted financial advisor to help them navigate the challenges of making financial decisions becomes more important than ever.
After a divorce, there is always the possibility of remarriage or re-partnering. In a 2013 study, Pew Research told us that although only 29% of previously married Americans between 18 and 24 had remarried, 67% of those between 55 and 64 had remarried. Of the number of Americans who remarry, men are more likely to remarry (64% of those previously divorced) versus 52% of women.