Podcast | 11.21.24
BISA Portfolio Podcast — Redefining Aging: Women as CCO
by: BISA Staff
In this episode of the BISA Portfolio Podcast, LeAnn Rummel returns with Lisa D’Ambrosio of MIT AgeLab and Alex Samoila of MassMutual Strategic Distributors to explore why women are becoming the “Chief Consumer Officers” of their households — and what that means for financial professionals.
Tune in to learn:
- Why 70% of widows change financial professionals — and how empathy and inclusion can prevent attrition.
- How women’s growing financial influence and caregiving roles are reshaping retirement planning.
- The implications of the $84 trillion wealth transfer and why engaging women now is critical.
- Actionable strategies for advisors to build authentic relationships with female clients and future-proof their business.
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Access MMSD's Words Matter Research.
This episode is sponsored by MassMutual Strategic Distributors
MassMutual Strategic Distributors is a division of MassMutual.
Methodology:
The MIT AgeLab conducted six focus groups with a total of 60 people in July 2024 to explore their perspectives on retirement, financial planning, and financial advice. Two of the groups were conducted via an online platform with participants recruited from across the U.S., and four were conducted in person with participants who live in the metro Boston, Massachusetts, area. The two online groups were stratified by whether participants reported working with a financial professional or not; in-person groups were further stratified by gender. To be eligible to participate in the groups, individuals had to live in the U.S., be between the ages of 40 and 65, have a household income of $100,000 or more, and have retirement savings of $250,000 or more. Prior to the groups, people completed a consent form to take part in the study and an online questionnaire. Focus groups lasted between 90 minutes and two hours and were recorded. The recordings were transcribed, and these data were analyzed thematically.
The AgeLab at the Massachusetts Institute of Technology (MIT) was created in 1999 to invent new ideas and creatively translate technologies into practical solutions that improve the quality of life of older adults and those who care for them. The AgeLab applies consumer-centered systems thinking to understand the challenges and opportunities of longevity and changing demographics, to catalyze innovation, and to support people in planning for life tomorrow.
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