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#NowMe: Advising Women Over 50 Part II – A Key Demographic

Jan Blakeley Holman, CFP, CIMA, ChFC, CDFA, CFS, GFS
Director of Advisor Education
1 May 2020
8 min listen

In a continued discussion from episode one, we learn why women over 50 are an important demographic for financial advisors going forward.

Read Transcript
#NowMe: Advising Women Over 50 Part II – A Key Demographic

Hollis Walker: This is #NowMe, a podcast for financial advisors who advise women. Hello, this is Hollis Walker with Jan Blakely Holman, Director of Advisor Education at Thornburg Investment Management and this is #NowMe, a podcast for financial advisors who advise women. Jan, today we are supposed to discuss advising women over 50. So, why do you think this particular group of women warrants advisors’ attention?

Jan Blakeley Holman: Well, there are number of reasons, Hollis, and the first of the reasons is that it is a very large group. The 2014 Census reported that over 108 million Americans were 50 or older. Of that group 58 million were women. So obviously, this is a very large group.

Hollis Walker: So it’s large, and why is this particular group having special financial needs?

Jan Blakeley Holman: One of the reasons is that much of the world’s and our country’s wealth is shifting towards these women now. The estimates indicate that by 2028, which is just 8 years from now, women will control over 75 percent of the world’s discretionary spending. And by 2030, women will own 66 percent of Americans’ wealth. There’s another trend that not may people talk about, but you and I actually are familiar with this, since this is our age group, that is the trend toward gray divorce. Of all the divorces today, 25 percent are of couples over 50, and that’s a rate that’s doubled since the 1990s. When you have late stage divorces, what you have with them is complicated property settlements.

Hollis Walker: And don’t women live longer than men anyway?

Jan Blakeley Holman: Well, although the gap has been narrowing, life expectancy for women continues to be longer than for men. The U.S. Census Bureau said the average age of widows is 59. And when you get to the age 75, three of four women who are in traditional marriages are widowed, and that’s 75 percent. In both situations, late life divorce and widowhood, women are likely to receive significant inflows of assets, and they’re gonna need a steady hand to advise and help them make good decisions.

Hollis Walker: What else should advisors keep in mind when they’re working with women? Is it different than what they keep in mind when they’re working with men?

Jan Blakeley Holman: Well, in this group, the over 50 group, yes, it is different. One of the reasons is, and we know this firsthand, because many of these women have been trailblazers in their professions or industries. I remember sitting in a Paine Webber office in Minneapolis in 1978. It was me and 77 men. So I got a few spitballs at the back of my head. It wasn’t exactly the most cultured environment I’ve ever been in. These women are wise, and they understand how to navigate subjects and situations that are new to them, but they respect the expertise that an advisor brings and they want you to share that with them.

Hollis Walker: What percentage of women use financial advisors?

Jan Blakeley Holman: Well, there’s a Hearts and Wallet white paper that was written, and it says that 70 percent of women over 55 work with financial advisors. Now, the reason that’s significant is because when you work with someone, you want them to be advisor-receptive. You don’t need to fight that battle. That battle’s already been found by these people. They value the expertise that advisors bring to the equation. The other thing is that when working with women, regardless of their age, they tend to be referral machines. Delia Passi is an expert in marketing to women, and she tells us that a female client is more likely to refer her friends and colleagues to a financial advisor. In fact, she’ll refer 26 times compared to a man who will refer 11 times. So if an advisor is interested in growing a business and working with a group of people who feels that they are an expert in an area, and they will help them out, this is the group you wanna work with.

Hollis Walker: So are women clients more interested in working with women advisors than with men advisors?

Jan Blakeley Holman: For every study that you read that answers that with a yes, so yes, women wanna work with women, there’s a study that will say, no, it doesn’t matter. Women don’t care if it’s a male or female advisor. What they do care about is someone who respects them, someone who pays attention to them, someone who understands them, and someone who will speak their language, not the lingo of our business.

Hollis Walker: Thanks, Jan. That’s all the time we have today. Next time, we’ll be talking about dealing with market volatility. You’ve been listening to #NowMe, with me, your host, Hollis Walker and Jan Blakely Homan, director of advisor education at Thornburg Investment Management. If you’d like to send us a comment or an idea for a topic, please email us at nowme@thornburg.com. That’s nowme@thornburg.com.

This podcast is for informational purposes only, and should not be relied upon as investment, legal, accounting, or tax advice. It is not intended to predict the performance of any investment or market, and is not a recommendation, offer, or solicitation to buy or sell any security or product, or adopt any investment strategy. Past performance is not an indication of future performance. Investing involves risk including possible loss of the money you invest. Consult your investment advisor before making any investment decisions. The information contained herein has been obtained from sources believed to be reliable. However, Thornburg Investment Management makes no representations or guarantees as to the accuracy or completeness of the information and has no obligation to provide any updates or changes. The views expressed are subject to change and do not necessarily reflect the views of Thornburg Investment Management. This podcast is for your personal and non- commercial use only. You may not use it in any other manner without the prior written consent of Thornburg Investment Management. Thank you for listening.

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