Hartford Funds study examined how investors of different genders and generations want to receive financial advice and marketing materials
Hartford Funds released new data indicating that more than half of investors (52%) agree that men and women have different financial needs, but only 24% want to work with a financial professional who tailors advice based on gender.
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“The next generation of clients has more options than ever when it comes to financial advice, and marketing strategies need to reflect that reality.”
The top areas where respondents feel men and women have different needs include career considerations (60%), long-term care planning (56%), and budgeting (55%). Despite these differences, 46% say men and women should receive the same educational material on financial topics.
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Despite indicating different financial needs, men and women have similar marketing preferences
When it comes to receiving marketing materials from a financial professional, both men and women rank email as their top choice followed by website and printed brochure. Within those mediums, they both value materials that are easy to understand (52%) above all else, followed by materials that emphasize an individualized plan (37%), and showcase how sound investment advice and decisions help support lifestyle goals (31%).
“While there’s been a lot of conversation in the financial services industry about gender’s role in finance, one thing is clear: Investors want sound, personalized advice,” said Julie Genjac, Managing Director of Applied Insights at Hartford Funds. “Financial professionals must account for the different realities that men and women face without compromising the quality of advice, customization of plans, or client service.”
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