What You Need to Know
- Only 24% of investors surveyed want to work with a financial professional who customizes advice based on gender.
- As to where the differing needs lie, 60% cited career considerations, 56% said long-term care planning and 55% said budgeting.
- Survey responses indicate that younger generations are likelier than older ones to have received gendered marketing materials.
Fifty-two percent of investors agree that women and men have different financial needs, but only 24% want to work with a financial professional who customizes advice based on gender, according to survey data released this week by Hartford Funds, an asset manager.
Where do the differences in men’s and women’s needs lie? Sixty percent of respondents cited career considerations, 56% cited long-term care planning and 55% said budgeting.
Despite these differences, 46% said men and women should receive the same educational material on financial topics.
Both men and women in the survey ranked email as their top choice for receiving marketing materials from a financial professional, followed by websites and printed brochures.
Within those mediums, 52% value materials that are easy to understand above all else, 37% appreciate materials that emphasize an individualized plan and 31% like those that showcase how sound investment advice and decisions help support lifestyle goals.
“While there’s been a lot of conversation in the financial services industry about gender’s role in finance, one thing is clear: Investors want sound, personalized advice,” Julie Genjac, managing director of applied insights at Hartford Funds, said in a statement.
“Financial professionals must account for the different realities that men and women face without compromising the quality of advice, customization of plans or client service.”
Engine Insights’ CARAVAN fielded the online survey in early November among 904 consumers whose annual household income is $75,000 or more or household’s total investable assets are $75,000 or more.