Achieving Goals Tops Performance for Female Clients, Planning Execs Say
by: Karen DeMasters
Female clients are demanding a different approach to financial advice that does not put performance first, experts said at a recent industry conference. Statistics show that financial advisory firms must embrace the female market if they want to thrive, they said. For example, two-thirds of people over 85 are women, said Padideh Nora Raphael, global head of third-party wealth management business at Goldman Sachs. And these clients require a different approach, she said. The financial industry has evolved over the last decade to embrace new strategies that advisors can use to help female clients in particular, as well the male clients who can also benefit, said Raluca Bighiu, senior vice president and family wealth director at Morgan Stanley.
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