Women of Wealth Study

WOMEN OF WEALTH STUDY 2012

WOMEN OF WEALTH: WHY DOES THE FINANCIAL SERVICES INDUSTRY STILL NOT HEAR THEM?

Both the amount of wealth controlled by women and the rate at which it is increasing are extraordinary — 95% of women will be their family’s primary financial decision maker at some point in their lives.1 Today, women control 51.3%, or $14 trillion, in personal wealth, and that figure is expected to grow to $22 trillion within the next decade.2 The Family Wealth Advisors Council (FWAC) is deeply committed to serving the needs of Women of Wealth as they assume this position of influence and desire to make informed and beneficial choices for themselves, their families and their communities.

FWAC advisors are recognized leaders as authors, speakers and researchers on women’s financial needs and believe that women today cannot be treated collectively. Instead, they must be understood individually for their unique money journey and the financial demands that will come with different stages of their lives. Transitions through retirement, career changes, divorce, losing a spouse, or balancing demands of children and aging parents impact women’s financial well-being. As a result, women want to be listened to, treated with respect, and educated about personal finance so that she can become her own best advocate.

In February 2012, FWAC will unveil it’s most recent study on the unique needs of women: Women of Wealth: Why Does the Financial Services Industry Still Not Hear Them? The study is one of the most comprehensive ever undertaken on affluent women. More than 550 successful women from 44 states weighed in on money, what they seek in a financial advisory relationship, and the critical issues they now face and anticipate. The results suggest that where a woman is on her money journey has every implication for what she needs.

For more information about this groundbreaking study, please contact Heather Ettinger of Fairport Asset Management at heather.ettinger@fairportasset.com or Eileen O’Connor of Hemington Wealth Management at eileen.oconnor@hemingtonwm.com

SPEAKING ENGAGEMENTS & WORKSHOPS

FWAC members are seasoned speakers on wealth management in general and on women of wealth in particular. They speak regularly at large national conferences as well as in their local markets on a variety of topics including:

  • Insights from the 2012 FWAC Women of Wealth Study
  • Women and the Wealth Management Model
  • What the Married Woman Should Know
  • What the Working Woman Should Know
  • What the Divorced Woman Should Know
  • What the Widow Should Know
  • What Should Women Expect from Their Financial Advisor?
  • Raising Financial Responsible Children in an Affluent Family
  • Five Key Concepts for Financial Security

Additionally, FWAC members will work with organizations to tailor their presentation or workshop to specific objectives.

  1. Prudential Research Study, “Financial Experience and Behaviors Among Women” (2010-2011), Click to view study here.
  2. Fara Warner, Power of the Purse: How Smart Businesses Are Adapting to the World’s Most Important Consumers—Women (FT Press 2005).

FAMILY WEALTH ADVISOR COUNCIL’S 2012 WOMEN OF WEALTH STUDY

The first research paper from the Family Wealth Advisor Council’s 2012 Women of Wealth Study, “Women of Wealth: Why Does the Financial Services Industry Still Not Hear Them?” is available for license and interested parties should contact Eileen O’Connor of Hemington Wealth Management for more information at eileen.oconnor@hemingtonwm.com.

Click here to download this study as a PDF (4.7Mb PDF)

ABOUT 2012 WOMEN OF WEALTH PARTICIPANTS

AGE

Participant age varies, from 30 to over 80, but the average is 55.

MARITAL STATUS

Seventy percent of WoW survey participants are married; a minority are divorced, widowed, or single.

EMPLOYMENT STATUS

The majority of participants (48%) work full-time. A minority are retired, and the remainder have never worked outside the home, are active volunteers, or are employed part time.

TOTAL NET WORTH

A majority (62%) of WoW respondents have a net worth greater than $1 million, and 11% have a net worth greater than $5 million.

Women of Wealth

FWAC members are uniquely qualified and experienced in serving the affluent woman well.

“Women are the heart. We offer values and ethicality around money. That is why we need to step up and be involved with the stewardship of our wealth.”  – Heather Ettinger, Ohio