WEALTHY DIVORCEÉS GET NO RESPECT FROM WEALTH MANAGERS
A recent Newsweek article suggests that wealthy divorceés are not getting enough respect from wealth managers, generally speaking. These women feel that wealth managers are not paying enough attention to a change in life, like divorce, that could alter their investment priorities. They feel lumped into one basket and basically stereotyped by investment managers as a whole. Says Newsweek:
What do women want? A recurring theme among respondents was that wealth managers don’t pay attention to the life changes that can alter their investment priorities, such as marriage, divorce, pregnancy and the death of a spouse.
Wealth managers need to wake up and smell the coffee. Some women investors may actually want to take more, not less risk, especially after life changes like divorce and they want to be invested for the long term and not be so confined to short term results. In other words, they want to be just like the boys. Says Newsweek:
Women also reported that the advisory process is often geared toward short-term results, which discounts the significance of long-term objectives that reflect these life changes.
“A problem arises when there is an assumption that all women have a preference for lower risk investments,” Sayre says. “Women want to have a discussion about their life objectives, their life goals and then have a discussion about how different financial products [may fit].”
Wake up and smell the coffee, all ye wealth managers for affluent divorceés!