December 2021 Issue: Significant Change is Coming in the Service Model for Women-Significant Change is Coming in the Service Model for Women by Heather R. Ettinger

Significant Change is Coming in the Service Model for Women by Heather R. Ettinger

Pdf Summary

In 2022, experts predict significant changes in how financial advisors will serve the financial advice needs of women. Women are seeking more than just investment guidance; they want integrated financial wellness and advice that understands their multidimensional life priorities and respects their career choices and financial influence. Advisors who respond with compassion and innovative services will gain market share and develop long-term multigenerational relationships.<br /><br />Historically, women have hesitated to hire advisors due to a lack of trust, time constraints, and unclear fees. It is crucial for advisors to demonstrate an understanding of women's unique values and priorities before providing advice. Building trust starts with active listening and empathetically connecting with women's journeys. Transparent fees and clear deliverables are also important to establish trust.<br /><br />Advisors should adapt their practices to respect women's limited time by delivering services efficiently. This may involve more frequent but shorter meetings and remote communication with clear agendas.<br /><br />Seismic shifts are also expected in the financial industry. More daughters will be taking over the family business, and women will play a greater role in managing family affairs, including finances and caregiving. Family offices will need to respond to the matriarch of the family. Additionally, there may be a significant number of executive women deciding to retire early and seek more purpose in their work and life.<br /><br />To serve women effectively, advisors will need to provide an integrated life approach, including guidance on eldercare, wellness, and family meetings. Leading firms will form strategic partnerships to help women manage all aspects of their family's life, not just finances. Multigenerational and diverse teams will be necessary to meet the evolving needs of families.<br /><br />In summary, 2022 will bring emerging trends and seismic shifts in the financial industry, with a focus on empathy, innovation, and engagement to address the changing values, priorities, and family dynamics of women. Women's power and influence are on the rise, making it an exciting time for the industry.

Keywords

financial advisors

women's financial advice

integrated financial wellness

career choices

financial influence

building trust

transparent fees

limited time

seismic shifts

family dynamics