Millionaire Women Need Better Advice
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Attention financial advisors: The pockets of your female clients are getting deeper. Boston Consulting Group expects the amount of global wealth controlled by women to grow at an average annual rate of 8 percent from year-end 2009 through 2014. Among the reasons: women are earning more by becoming more active in the workforce, they're exerting more influence over the management of family finances, and they're inheriting more wealth since they live longer than men. What's more, there is a segment of wealthy women who are very dissatisfied with their financial advisors, and thus ripe for the picking: a third of women with assets of between $1 million to $5 million are very dissatisfied with their wealth managers. BCG said that, like men, women in the group feel “caught in the middle;” their investment needs are too sophisticated for smaller advisors, but they believe their wealth isn't great enough to matter to the top managers.
