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Professionals: How To Build Your Book of Business with Affluent Women

Making the goal of financial independence more daunting is the sense of ignorance and intimidation some women feel when it comes to investing, says financial planner Ellen S. Rogin, president of Strategic Financial Designs Inc., an advisory firm based in Northfield.

"Many women are not confident investors because they often lack the background in finances," Ms. Rogin says. "Boys often talk with their fathers about finances, but not girls."

To ease the investment experience for women, Wall Street investment firms, large bank groups and financial planners are developing an array of new financial services targeting female investors.

The average American woman controls 80% of the spending decisions in the typical dual earner household. The Prime Time Woman controls the spending decisions in America’s most affluent households.

And that dynamic is set to accelerate over the next 20 years because not long after the largest generation in history – the Baby Boomers – inherit from their parents, Baby Boomer wives will in turn inherit from their husbands. That means the combined assets of two generations – from both sides of the family – will become concentrated in Baby Boom widows’ wallets.

That makes Prime Time Women by far the most lucrative marketing target for a substantial number of industries – banking, brokerage, insurance, health and wellness, real estate, travel and self-improvement, to name a few.

Yesterday’s “little old lady” will be tomorrow’s Ms Moneybags. Marketers unable to let go of outdated notions about men carrying the cash, and consumers shutting down spending at age 55, will find themselves outflanked and outrun by savvy companies eager to serve America’s target market bulls-eye – Prime Time Women.

Women will acquire over 90% of the growth in U.S. private wealth between now and 2010. Have you thought about how women will become an increasing proportion of the U.S. affluent population as the Baby Boom ages? Are you reaching out to these consumers and investors, or are you doing business as usual - marketing to men (and leaving the women to your competition)?

Simply put:

• Women are the world's largest market
• They account for 80% of all spending by U.S. households
• They account for 70% of new business startups
• They control over half the private wealth in the United States

Women control 51.3% of U.S. private wealth and own 47% of investment portfolios worth over $500K.

By Marti Barletta, author of Marketing to Women and President of The TrendSight Group

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