Women of Wealth
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About this ebook
Russ Alan Prince
RUSS ALAN PRINCE is the executive director of Private Wealth magazine and chief content officer for High-Net-Worth Genius. He is the author of more than sixty-five books, including Everyone Wins! How You Can Enhance and Optimize Business Relationships Just Like Ultra-Wealthy Entrepreneurs.
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Women of Wealth - Russ Alan Prince
ISBN: 978-1-938130-32-8
Library of Congress Control Number: 2004105329
This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting or other professional service. If legal advice or other expert assistance is required, the services of a competent professional should be sought. — From a Declaration of Principles jointly adopted by a Committee of the American Bar Association and a Committee of Publishers and Associations.
Copyright © 2004
The National Underwriter Company
P.O. Box 14367, Cincinnati, Ohio 45250-0367
All rights reserved.
No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of the publisher.
Printed in U.S.A.
Dedications
To Sandi
Someday... maybe
-Russ
For friendship and support, to Suge
-Hannah
About the Authors
Russ Alan Prince
Russ Alan Prince, president of the market research and consulting firm Prince & Associates Inc., is a leading expert on the private wealth industry and on advisor-based distribution. Mr. Prince consults for leading financial institutions on strategic and marketing issues and provides a variety of coaching and consulting services to professional advisors who focus on affluent markets. He is a seasoned developer of proprietary prospecting and sales and relationship management systems, and also provides high-end customized practice management and marketing programs.
Hannah Shaw Grove
Ms. Grove is a Managing Director and Chief Marketing Officer of Merrill Lynch Investment Mangers, a global asset manager with more than $500 billion in retail and institutional client assets. She has an extensive background in the marketing and product development of asset management and insurance services from tenure with leading firms including Fidelity Investments, Prudential Insurance Company of America, Financial Research Corporation and Allmerica Financial. Ms. Grove and Mr. Prince have collaborated on three other books for financial professionals – Wealth Management, eWealth and Advisor 2000 – and they coauthor columns on the affluent market for Registered Rep, Financial Advisor and Elite Traveler.
The views expressed herein are those of the authors and do not necessarily reflect those of Merrill Lynch.
Table of Contents
Dedications
About the Authors
Chapter 1: Women of Wealth – A Personal Profile
Women of Wealth Project Objectives
Defining Women of Wealth
Interviewing Women of Wealth
Women of Wealth: A Personal Profile
Source of Wealth
Summary
Chapter 2: Women of Wealth – Motivations
Because They Made It
The Impact of Source of Wealth
Summary
Chapter 3: Financial Styles
The Search for Financial Security
Use of Financial Advisors
Their Social Network
Their Financial Concerns
Community Values
Monitoring
Feeling Secure
Summary
Chapter 4: How Women of Wealth and Financial Advisors Find Each Other
People Who Know People
Multiple Investment Advisors – It May as Well Be You
Summary
Chapter 5: How Women of Wealth Screen Potential Financial Advisors
Screening Advisors
Summary
Chapter 6: How Women of Wealth Pick Financial Advisors
Master EQ and Financial Skills (in that order)
Don’t Let Non-Starter Factors Get in Your Way
Slow Down Churn
Summary
Chapter 7: For Women of Wealth, Client Satisfaction Matters – A Lot
Investment Performance is NOT Enough
The Technical Side of Satisfaction
Great Relationships = Happy Clients
A Phone Call Can Save Millions
Summary
Chapter 8: Opportunities and Threats
Assess Threats, Evaluate and Address Root Causes
Identify New Business Opportunities and Replicate
Identify New Client Opportunities and Replicate
Summary
Chapter 9: Loyalty and Switching
Loyalty I – Women of Wealth Switching Away From a Financial Institution
Loyalty II – Women of Wealth Switching Away from a Financial Advisor
Motivations for Switching Away from Financial Advisors
Summary
Chapter 10: Investment Management
Current Use
Future Demand
Summary
Chapter 11: Estate Planning and Life Insurance
Current Use
Future Demand
Considerable Opportunities for Estate Planning and Life Insurance
Summary
Chapter 12: Charitable Giving
The Role of Charitable Giving
Charitable Attitudes
Summary
Chapter 13: Additional Services and Products
Current Use
Future Demand
Cross-Sell Investment Banking
Summary
Chapter 14: Financial Well-Being Services
Summary
Chapter 1: Women of Wealth – A Personal Profile
The road to success for financial advisors is well marked: become technically adept and connect with wealthy clients. If advisors know enough to address the complicated financial challenges facing the affluent – taxes, estate planning, and business succession, to name but a few – the rewards can be substantial: additional assets to manage, clients who are open to a wide array of financial products and services, loyalty through up and down markets, and referrals from friends and associates.
Until recently, these affluent clients have largely been drawn from the ranks of rich men. That made sense because, traditionally, the person handling investment decisions in American households was a man. The majority of financial advisors were also men who could easily relate to their male clients. Marketing campaigns were skewed to appeal to that audience, using images of luxury cars and scenic golf courses to not so subtly suggest the rewards of financial well being. When those advisors did work with women, they were more often than not widows or heiresses accustomed to deferring to men when making their financial decisions.
As the following statistics plainly demonstrate, however, investing and finances are far from a man’s world these days:
As of 2002, 43% of Americans with