Mass-affluent Women Deserve Good, Professional Financial Advice

Which is Better for you: “Fiduciary” or “Suitable”?
July 24, 2015
Technology Helps Investors See What’s Behind the Curtain
July 24, 2015

We used to be called the middle class. We’re not exactly rich women but now we go by our much cooler name, mass-affluent. Our average net worth somewhere between $250k and $1 million. We’re also a pretty powerful group— all totaled worth at least $1.5 trillion. We clearly have influence. Retirement planning is our number one challenge. Yet with all this spending power and such need for guidance, fewer than one in five mass-affluent women use a professional financial advisor.

Elizabeth is a typical 50+ woman who just inherited $750k. She tells me she’s been asking her questions online, on the phone and had appointments with reps at lower cost brokerage firms including Schwab. She says each time she asked the same question, she got a different answer. She’s ready for an advisor relationship she just didn’t have a clue where to start. The web was a lot of noisy clutter with no clear cut answers that fit her situation. She says a real investment advisor wouldn’t bother with her— after all, she’s not wealthy.

Just like tens of millions of others, what Elizabeth doesn’t realize is she matters greatly. She can afford a hands-on, qualified financial advisor. Good advisors typically charge 1% or less in total fees (all in) and would be happy to manage her size investment account.

I helped Elizabeth find and vet the advisor who understands her priorities. He’s an independent advisor (RIA) and his firm recognizes women as decision-makers when it comes to investing. Here’s the punch line— just one year ago, his advisory firm wouldn’t accept a client worth less than $1million in investable assets. Not anymore. Today this same advisor (who manages close to $1billion) is actively looking for mass-affluent women. He says it’s because he’s figured out he can run his business more efficiently using software of his own, which in turn, saves his firm time and money. This is a big deal to me because I’m now rolling out a brand new advisor matching technology. Elizabeth was my very first real user. There are thousands of advisors just like the one I described who value mass-affluent women just like Elizabeth. My job is to connect those dots.

Ask an investment advisor a question— Free

We’re operating in stealth mode for the next few months. Once we debut to the public, you’ll find our advisor matching service at WealthRamp.com. We have professional investment advisors on the WealthRamp platform and I’m inviting you to participate in our pilot at no cost. Please reach me at pam@financialadvisorconnection.com if you’re interested in finding, vetting and connecting with a credentialed, professional financial advisor.

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