In the next five years, private wealth is estimated to grow from approximately $14 trillion to $22 trillion. During that period, furthermore, women are expected to control two-thirds of private wealth. Yet female advisors are drastically underrepresented in the financial planning industry.
While blissful couples pledge to stay married until death, the reality is that approximately 50% of marriages in the U.S. end in divorce. If you throw into the mix the occasional premature death of a spouse, then it becomes clear that a substantial portion of advisors’ married clients are likely to become single.
Advisors should set themselves apart from the competition by explaining their financial planning process to potential sources of referrals, including accountants, attorneys, and other financial professionals. So reports WealthManagement.com.