"There's been so much written about the lack of women in the advisory profession we decided to work with IAP to quantify the situation. Our information on RIAs and active registered representatives provided the industry view. IAP's retail investor analytics uncovered the gaps within a specific clientele, wealthy single women," said AIQ's
"The findings demonstrate the value using marketing analytics to develop an integrated view across the industry and its clients. Here, we are assessing only one aspect of the total market. Whenever you assess specific market segments, or firms' markets and clientele a different picture develops," added
Wealthy single women overall have a high affinity to use financial advisors: IAP's Empirics metrics project a 60% increase on a national basis through 2015. "The data driving the report's state rankings make it imperative that marketers use relevant, localized market intelligence to their advantage. Florida and
"If one removed the "women" from the title and presented these findings to a wealth management executive resources would flow immediately to address this opportunity. "Women" are not a segment or a trend. They are the AUM imperative. Firms must work toward a comprehensive, sustainable strategy to win, retain, and grow mass affluent and HNW clients: This includes recruiting, outreach, marketing, and evolving their cultures," said Munoz.
A summary of the findings is available at http://www.iapartners.com/uploads/1/3/3/8/13381670/single_women_their_wealth_and_women_in_wealth_managment_-_an_iap_-_aiq_analysis.pdf. Here are some highlights from the state rankings:
– Ten states represent 55% of the nation's wealthy single women and about 60% of women financial advisors
– Among the large retail markets
– Despite their growth potential both
More detailed information from this analysis for all the states can be obtained by contacting Meridian-IQ or IAP.
Founded in 2003, IAP specializes in the development and application of precision targeting and decision support products, such as Empirics, that focus on marketing performance and customer value for clients in wealth management, insurance, and banking. The founders have extensive experience in the development, application, and marketing of information products that enhance client revenue and profitability.
Meridian-IQ is the maker of Meridian-IQ, a suite of cloud-based Financial Advisor directories, licensed by over 340 major fund companies, broker-dealers and insurance companies for industry research and marketing purposes.
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