Updated Monday, July 28, 2014 as of 4:32 PM ET
Blogs - Wealth of Ideas
7 Rules for Serving Female Clients
Thursday, May 8, 2014

Many high-net worth female clients are childless. Many are single as well. Because of this, your female clients may have specific planning needs -- an adequate way to address elder care, for instance. Single clients who have no intention of getting married or having kids need to have the proper amount of long-term care and disability insurance in place should they need to rely on outside help as they grow older.

Additionally, even though these clients might not be married or have direct heirs, they could have long-term partners or other important people in their lives that they want to take care of after they die. So make sure they understand the need for an estate plan. Otherwise, families will fight over assets and the state will get involved -- and for many women, minimizing potential conflicts after they are gone is nearly as important as making sure their own financial needs are met.

Most clients, male or female, basically want the same things: to pay off debts, perhaps save for their children’s college education and retire comfortably. There’s little doubt, however, that men and women tend to approach these goals -- and the financial planning that goes into achieving them -- very differently.

Advisors that fully understand these different approaches will be best positioned to effectively serve clients of both genders -- which, given the shifts in the financial landscape mentioned above, will be a tremendous competitive advantage moving forward.

Christine Tang and Anh Tran are the co-founders of Modern Wealth Advisors, an independent wealth management firm based in Irvine, California.

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