Report: Women Next Wave of Target Investors
A report from McKinsey predicts that by 2030, women are expected to control much of the $30 trillion in financial assets that baby boomers will possess—an amount that approaches the annual GDP of the United States. The report says that women will become a “critical battleground” for wealth management firms in the next three to five years as women increasingly take responsibility for making their households’ financial decisions. Firms are already responding and have experimented with new product offerings, hired more female advisers, and launched financial-literacy and community-outreach events that reiterate the importance of serving women as clients. Analysis by McKinsey indicates that simply by retaining baby-boomer women as clients, firms could see one-third higher revenue potential. In addition, firms that acquire and retain younger women—especially millennials—as clients could see up to four times faster revenue growth.